The International Bank for Economic Co-operation acted as the confirming Bank under the letter of credit
On August 30, 2018, the International Bank for Economic Co-operation for the first time acted as a confirming Bank under a letter of credit opened by a large Belarusian Bank in favor of a beneficiary from Bulgaria – one of the IBEC member countries. The implemented transaction is aimed at supporting the export of the Bulgarian equipment for the production of child nutrition in the Republic of Belarus. While the deal will become a part of the IBEC ‘Development portfolio’.
Within the framework of its mission the IBEC provides a full line of documentary operations, including non-standard and sophisticated transactions which expand the Bank’s product range and the partner network both in the Bank’s member states and beyond.