International Bank fоr Economic Co-operation - IBEC
The International Bank for Economic Co-operation (IBEC, www.en.ibec.int) was established on October 22, 1963 in accordance with an international agreement registered with the United Nations Secretariat. The Republic of Bulgaria, the Czech Republic, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Socialist Republic of Vietnam are its member countries.
The contribution of SR in paid-in capital of IBEC is 13 342 064 eur, which represents 6.67% of total paid-in capital. The Bank's total subscribed capital is 400 mil. eur and the paid-in capital is 200 mil. eur. In the IBEC Council, each member country, including the Slovak Republic, has one vote regardless of its share in the Bank's capital. The Head of the Slovak Delegation to the IBEC Council is the State Secretary of the Ministry of Finance.
IBEC is a universal financial and credit organization whose aim is to promote the development of foreign economic relations between the economic subjects of its member states as well as their relations with the economic entities of third countries. The main objectives of IBEC today are:
- development of IBEC’s lending activities through the Bank’s participation in joint projects of its member countries’ businesses and organizations,
- extending the IBEC client base by expanding the range of products and services offered by the Bank,
- developing cooperation with other international development banks operating in IBEC’s member countries, which are considered to be partners in promoting the sustainable economic development of IBEC’s member countries.
In order to achieve these objectives, IBEC offers in particular:
- credit products for legal entities, such as direct financing, business finance, syndicated financing and two-stage funding through on-lending financial intermediaries,
- documentary products: letters of credit, guarantees and counter-guarantees, documentary collections,
- opening and maintaining client accounts in the national currencies of all of its member countries.
In addition to the IBEC credit products and business financing, the Bank offers legal entities the opportunity to open an account in the Russian Federation not only in major world currencies such as the US dollar or the euro, but also in the national currencies of all its member states. In its member states and other countries, IBEC has a wide network of correspondent banks, guaranteeing the security and reliability of its clients’ transactions, accounts and deposits.
International Bank for Economic Cooperation
11, Masha Poryvaeva, Moscow 107996
+7 (495) 604-72
Board of Directors Office
+7 (495) 604-73