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New deals with Golomt Bank of Mongolia

In August and September International Bank for Economic Co-operation in partnership with Golomt Bank of Mongolia implemented a series of transactions for financial and non-financial support of Mongolia's foreign trade. A wide range of products offered by IBEC for the successful and efficient foreign trade operations is in demand by the Bank’s clients. The operations include documentary transactions and import financing. In particular, for the first time the Bank issued a counter-guarantee for Golomt Bank. The total amount of transactions for this period amounted to almost EUR 9 million with terms from 6 to 12 months.

It should be noted that there is a wide industry range of contracts that have received support from IBEC – from consumer goods to specialized vehicles and components for the railway infrastructure.

IBEC provided Commerzbank AG with two IRUs as collateral for LC issued by Golomt Bank of Mongolia and confirmed by Commerzbank AG. For another transaction IBEC issued a counter guarantee on the base of counter guarantee of Golomt Bank of Mongolia that enabled Commerzbank AG to issue their guarantee in favor of the exporter. The aggregated amount of these three transactions is USD 3.5 million.