Trade finance with Uzbekistan
The International Bank for Economic Co-operation is expanding the geography of trade finance operations to support the foreign trade of its member states.
The Bank completed the first trade finance deal with Uzbekistan. The partner bank of IBEC was Qishloq Qurilish Bank, a state-owned bank among the top 10 financial institutions in the country. The funds in the amount of USD 1.5 million were directed to ensure the export of Russian food products to Uzbekistan. Amid the pandemic-led restrictions, such operations help maintaining business activity in the Russian agricultural sector.
In March 2020, the General Agreement was concluded between IBEC and the Qishloq Qurilish Bank JSCB. The deal has become the first practical step in developing a partnership with an Uzbek bank. Entering the market of Uzbekistan, which is one of the key players in Central Asia and the CIS, reflects IBEC strategy for building a financial infrastructure that unites the markets of the Bank's member states and their economic interests.