New IBEC projects to support foreign trade of the Czech Republic, Poland and Russia
The International Bank for Economic Co-operation continues its active policy of supporting economic cooperation in the Eastern European region. At the end of September, two more trade finance transactions with Belagroprombank were implemented. Their total amount is about 1.1 million euros with the comfortable for participating companies period of 1 year.
Targeted trade loans were provided on the principles of pre-export financing and are aimed at stimulating non-oil exports from the Republic of Belarus to the IBEC member states.
IBEC funds are used to finance the production of high-tech and energy-saving products of the pulp and paper and glass industries for its further implementation in the Czech Republic, Poland and Russia. Both transactions are already secured by import contracts with consumers from IBEC member countries.
Thus, IBEC continues to contribute both to the development of trade between the Czech Republic, Poland, Russia and the Republic of Belarus, and to the integration of the Belarusian economy into the orbit of foreign economic relations of the countries participating in the bank.
Implemented transactions meet several parameters, which are significant for IBEC – they are of multilateral nature, involving three member states at once, they support the supply of energy-saving and safe materials for IBEC member countries and affect the sector of modern high-tech production. In terms of implementing the updated IBEC strategy, the participation of companies from the Czech Republic is important – until now the share of the “Czech direction” in the bank’s operations did not fully correspond to the role of the Czech Republic as a key economy in the region.
Belagroprombank and IBEC are actively developing bilateral cooperation, implementing significant and reliable projects that fully meet both national economic interests and the challenges, which IBEC faces as a multilateral development bank focused on supporting regional foreign trade cooperation.