Turkmen Foreign Economic bank launches project to finance import operations

Business Materials 6 September 2012 14:26 (UTC +04:00)

Turkmenistan, Ashgabat, Sept. 6 / Trend H.Hasanov /

The State Bank for Foreign Economic Activities of Turkmenistan announces the launch of a new service: 'Trade financing of import contracts', according to a press release from the bank.

The information states that 'trade financing' is the most appropriate tool ensuring the reliability of calculations and availability of necessary resources.

As noted, the use of this product provides ample opportunities for financing trade transactions of clients:

* Opening of letters of credit and issuance of guarantees in respect of credit lines

* Provision of credit to the client on the date of payment by letter of credit.

These opportunities are provided to customers on almost any type of transactions from the sale of goods, services, intellectual property, raw materials and products of mass consumption to the procurement of complex capital intensive equipment.

The advantages of this form of work are the following.

* Issuing a letter of credit and, or interest on unsecured basis, the bank is obliged to pay before foreign supplier goods and, or services for the shipment and , or delivery;

* The buyer does not distract his own resources and settles accounts with the bank after the sale of the goods;

* Flexible payment terms and rates.

Basic terms of funding:

* Contract - Imported;

* Terms of financing - up to two years;

* The amount of funding - 80 per cent of the contract value;

* Grace period - a maximum of 90 days from the date of payment of trade financing.

For more information please contact the credit department at the bank at Garashsyzlyk shaely,
32, tel: (99312) 40-61-44, 40-61-55.