New IBEC reimbursement deal
The International Bank for Economic Co-operation continues to actively develop instruments to support foreign trade operations of its clients. IBEC acted as a reimbursing bank under a letter of credit issued by Golomt Bank(Mongolia), providing financing for the supply of food products to Mongolia from Poland. This operation ensured the implementation of the contract between the two member countries of the Bank, demonstrating the effectiveness of the financial infrastructure which is being created by IBEC for its clients.
The confirming and executing bank under the letter of credit is the German Commerzbank AG - one of the leading European banks and this is not the first time that it fully takes IBEC risks. Thus, it can be stated, that the schemes proposed by IBEC meet the highest requirements for reliability, including with respect to the financial institutions participating in them. In total, four banks were involved in the transaction, including one of the largest banks of Poland as an advising bank.
Implementing its updated business profile, IBEC continues to expand its portfolio of foreign trade operations, including using off-balance documentary instruments. The geographical emphasis in conducting operations demonstrates the potential of IBEC as an effective link between the economies of the Bank’s member states.