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IIB approves two projects in follow-up meeting

The management board of the International Investment Bank (IIB) has held a follow-up meeting to last weekʼs first meetings of its board of directors and board of governors since its relocation from Moscow to Budapest, deciding to greenlight two projects in Europe.

Nikolay Kosov, chairman of the IIB management board, noted with satisfaction the high praise shareholders expressed in relation to results achieved by the bank’s team and a smooth relocation process providing continuity of day-to-day operations throughout its whole course, says a press release sent to the Budapest Business Journal.

Members of the management board had a detailed discussion on two investment projects in Bulgaria and Hungary currently under consideration for potential financing. Their total volume exceeds EUR 50 million and covers the tourism sector of the economy in the case of Hungary, and support for Bulgarian exports to IIB member states in the field of social welfare. The meeting resulted in both deals receiving the green light and moving on to the next stages of assessment and approval.

Member states of the IIB are the Republic of Bulgaria, the Republic of Cuba, the Czech Republic, Hungary, Mongolia, Romania, the Russian Federation, the Slovak Republic, and the Socialist Republic of Vietnam, according to the bankʼs website.

Established in 1970 by Comecon, the former Soviet-led economic organization until 1991, the bank is an international intergovernmental organization that enjoys tax-free and regulation-free status, as well as the support of its member statesʼ governmental bodies, the website adds.