Hungary signs MOU on IIB membership renewal

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A memorandum of understanding was signed on the planned renewal of Hungary's International Investment Bank (IIB) membership in Budapest today, the National Development Ministry said.

The memorandum was signed by National Economy Minister Mihály Varga and IIB chairman Nikolay Kosov. A decision on the renewal is expected to be taken at a meeting of the IIB council in Sofia in November.

The bank, based in Moscow offers mid- and long-term credit for development projects. The bank was established in 1970. In the past two years, it has been radically restructured to comply with international norms, the ministry said.

The bank's new foundations, operating strategy and lending mechanism falls in line with the vision for the development of Hungary's economy and with the government's policy of opening up to markets in the east, the ministry noted.

A decision on the renewal is scheduled to take place at a meeting of the IIB council in Sofia in November.

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