LOCKO-Bank started to cooperate with the International Investment Bank (IIB) under the SME support strategy

In December 2016 LOCKO-Bank entered into a program of support for trade finance transactions (TFSP) of the International Investment Bank (IIB), executing a framework agreement on the provision of purpose loans to finance foreign trade operations. In December 2016 the partners have executed their first deal on trade finance: IIB issued LOCKO-Bank a purpose loan in the amount of one million US dollars for purposes of trade finance under delivery of products from Vietnam to the Russian Federation.

IIB’s trade finance program aims to promote trade and economic cooperation of member countries of the Bank and support small and medium-sized businesses in such countries in various fields, including the production and supply of high-tech equipment, medicines, foodstuffs, consumer goods and services.

One of the strategic directions of the LOCKO-Bank’s activities is a comprehensive service of small and medium-sized enterprises. LOCKO-Bank invests a lot in in the development of modern technologies for small and medium-sized enterprises and entrepreneurs. Specifically this year the Bank created online customers’ personal profiles for remote opening of settlement and cash services, as well as the issuance of Bank guarantees on the territory of Russia, released a functional mobile application to control the company's finances from a smartphone.

At the moment, when the presence of international development institutions in the Russian market has decreased significantly, the program of support for trade finance transactions (TFSP) of the International Investment Bank (IIB) is an important source of support for small and medium-sized businesses. Also recall that LOCKO-Bank for many years actively cooperated with EBRD and IFC on similar programs of trade financing. Under this cooperation many projects have been realized.

International Investment Bank (IIB) is a multilateral development institution founded in 1970 on the basis of an intergovernmental agreement establishing the IIB. At the moment the Bank includes nine country members/shareholders: Bulgaria, Hungary, Vietnam, Cuba, Mongolia, Romania, Russia, Slovakia and the Czech Republic. IIB finances projects aimed at the development of the members’ economies and the strengthening of multilateral economic cooperation with a focus on SME support, project and export-import financing. Since the end of 2012 the Bank carried out a fundamental reform. IIB was assigned ratings of S&P – BBB (stable outlook), Moody's - Baa1 (stable outlook), Fitch - BBB (stable outlook) and Dagong - A (stable outlook).