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IIB holds first Budapest meeting

The International Investment Bank has held its first post-relocation board of directors and board of governors meetings in Budapest, marking the completion of the bankʼs move to the Hungarian capital, it told the Budapest Business Journal.

Photo: iib.int

Prior to the meetings, IIB Hungary opened a new round of capitalization, with a contribution to IIB paid-in capital worth  EUR 10 million. The share of Hungary in the paid-in capital increased to 14.72%, making the country the second largest shareholder.

Additionally, Imre Laszlóczki was appointed a deputy chairperson of the IIB management board representing Hungary. Laszlóczki will be responsible for strategic development and international relations and communications.

The board of governors meeting was chaired by Minister of Finance Mihály Varga. In his welcoming speech, he congratulated the bankʼs management on the completion of the relocation of the bankʼs headquarters, noting the special importance of this decision for Hungary.

New Opportunities

“The relocation of the headquarters of the International Investment Bank to Budapest is an important recognition for Hungarian economic policy, a positive and effective occurrence for shareholders, including Hungary, which offers new opportunities for Hungarian businesses and further strengthens our capital city’s role as an international financial center," he said.

Addressing senior representatives of IIB member states, the chair of the IIB management board Nikolay Kosov, noted that IIBʼs current loan and documentary portfolio is 14 times larger than in 2012, amounting to EUR 900 mln, with more than half of its volume allocated to support projects in EU countries. According to the bank, more than EUR 2.3 bln was invested in the economies of IIB member states in recent years.

“As a result of our work, IIB today is a modern development bank with headquarters in Europe, a full-fledged and respected member of the global financial community, one of the highest rated financial institutions in the CEE region with an average A-level credit rating," Kosov noted.

IIB named its main priorities for further development as follows: dynamic growth of lending and investment activity with a focus on infrastructure projects, sustainable development, capital markets activities, and further strengthening of IIB’s capital base.

The next meetings of the IIB board of directors and board of governors will be held in December 2019 and fall 2020, respectively, in Hungary.