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Orbán meets IIB chairman in Budapest

Prime Minister Viktor Orbán held talks with Nikolay Kosov, chairman of the Moscow-based International Investment Bank (IIB), in Budapest on Monday. The bank is set to move its HQ to the Hungarian capital from the second half of 2019.

As reported in December, the board of governors of the IIB took a unanimous decision to relocate the lenderʼs headquarters to Budapest.  The IIBʼs move was the main topic of discussion at Mondayʼs meeting, the PMʼs press chief Bertalan Havasi told state news wire MTI, adding that Kosov also presented the IIBʼs activities and future strategy.  

The Hungarian government holds the position that the move will strengthen the role of Hungary and of Budapest as an international financial center, according to MTI. Five supranational development banks have their headquarters in the European Union at present, but none in the Central European region, thus the IIBʼs move to Budapest can be seen as a step forward, it was stressed at the meeting.

Founded in 1970, IIB is a multilateral institution for development that focuses on supporting SMEs and socially significant infrastructure projects, noted MTI. The bankʼs members are Bulgaria, Hungary, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Russian Federation, Romania, Slovakia, and the Czech Republic.