Ardshinbank partners with IIB to support trade finance in Armenia

Friday 13 July 2018 09:55 CET | News

Ardshinbank has teamed up with IIB to support high-tech equipment imports to Armenia for small hydropower plants from the Czech Republic and Bulgaria.

EUR 5 million in import transactions are being financed by the Bank through the International Investment Bank’s Trade Finance Support Programme.

The Bank has joined the International Investment Bank’s Trade Finance Support Programme (TFSP) in March 2018. Under the agreement, the IIB has issued irrevocable reimbursement undertakings by the order of Ardshinbank in favor of European banks to cover the face value of the underlying trade finance instrument.

The International Investment Bank (IIB) is a multilateral development bank established in 1970. The Bank’s members currently include Bulgaria, Hungary, Vietnam, Cuba, Mongolia, the Russian Federation, Romania, the Slovak Republic, and the Czech Republic.

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Keywords: Ardshinbank, International Investment Bank, IIB, Armenia, Czech Republic, Bulgaria, trade finance, imports, hydropower plant
Countries: World