Uzbek bank signs $5M deal with EBRD for trade financing
Baku, Azerbaijan, Feb. 15
By Fakhri Vakilov – Trend:
Uzbekistan’s Ipak Yuli Bank and the European Bank for Reconstruction and Development signed an agreement to open a line of trade financing worth $5 million on February 11, Trend reports via the Uzbek media.
This line will be aimed at financing foreign trade transactions for the purchase of goods and services.
The trade financing is the financing of clients’ foreign trade operations by attracting guarantees or credits from international markets and, nowadays, is considered one of the fastest growing types of banking business.
Ipak Yuli Bank has been actively cooperating with EBRD since 2001.
The bank was founded on April 23, 1990. Moody’s assigned the bank a ‘B2’ rating with a ‘Stable’ outlook, Fitch assigned it a ‘B’ stability rating and a ‘Stable’ outlook, and Ahbor-Reyting assigned it an ‘UzA+’ credit rating with ‘Stable’ outlook.
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