Start of partnership with PJSB Trustbank
International Bank for Economic Co-operation continues to expand its partner network in the Asian region. The first deal with PJSB Trustbank from Uzbekistan was completed – IBEC issued a reimbursement undertaking under a letter of credit issued by Trustbank in the amount of USD 1 million.
Provided funding ensures the supply of medicines from the Russian Federation to Uzbekistan. During a pandemic, support for pharmaceuticals has become one of the most significant priorities in the activities of development institutions. The Austrian Raiffeisen Bank International , one of the largest international financial institutions and a longtime partner of IBEC, acted as the confirming and financing bank for the transaction.
A comprehensive approach and a wide range of trade finance instruments offered by IBEC are becoming more and more popular both among clients in the territory of the Bank's presence and among counterparties from other countries. The development of a partner network in Uzbekistan will allow IBEC to more actively and efficiently provide support for its clients' operations in the CIS.
PJSB Trustbank, established more than 25 years ago, is one of the leading private universal banks in Uzbekistan, and has stable partnerships with leading European and Russian banks.