YEREVAN, October 25. /ARKA/. For the first time, Ardshinbank has implemented a trade finance deal with the International Bank for Economic Cooperation (IBEC) under the General Financing Agreement signed in September 2019, the press office of Ardshinbank reported on Friday.

IBEC provided pre-export financing to Ardshinbank in the amount of 3.5 million euros for a period of up to six months for lending to the export of agricultural products to Russia.

Cooperation with IBEC opens up new opportunities for supporting the foreign economic activity of Armenian companies both in the traditional Russian direction and, in the long term, in new markets for IBEC member countries.

Ardshinbank, in addition to its active presence in the strategic sectors of the Armenian economy and, above all, the energy sector, pays great attention to working with small and medium-sized businesses. This is facilitated by a large branch network of Ardshinbank with more than 60 branches.

Ardshinbank CJSC (Ardshininvestbank before renamed Ardshinbank on November 13, 2014) was established in December 2002 and received its license in February 2003. Ardshinbank is among Top 3 banks of Armenia.

IBEC is a multilateral development bank focused on facilitating the economic development of the Bank’s member states, foreign economic relations between business entities of the member states, and on expanding their foreign trade relations with counterparties from third countries. IBEC member countries are the Republic of Bulgaria, the Socialist Republic of Vietnam, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Czech Republic. In the first half of 2019, the volume of assets almost reached values of 475 million euros. -0---