International Investment Bank
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| Company type | International financial organization |
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| Founded | July 10, 1970 |
| Headquarters | Budapest, Hungary |
Key people | chairman Nikolay Kosov |
| Total assets | EUR 1276 million |
| Total equity | EUR 2 billion (paid in capital EUR 329,61 million) |
| Parent | Comecon (1970–1991) |
| Website | www |
International Investment Bank (Russian: Международный Инвестиционный Банк, Mezhdunarodnyy Investitsionnyy Bank) is a multilateral development bank established in 1970 by Comecon in order to promote economic development and cooperation of the member states. The Bank carries out its activities based on an intergovernmental Agreement establishing the bank, registered with the United Nations Secretariat. The headquarters is located in Budapest, Hungary.
Mission
The bank's mission is to promote social and economic development, increased prosperity, and economic cooperation between its member states, with a focus on small and medium-sized enterprises. The bank grants loans primarily through national financial institutions, development banks and export-import banks and agencies, and it also participates in co-financing and syndications with other international and national financial institutions.
Member states
Current members
Former members
Czechoslovakia (1970-1993)
East Germany (1970–1990)
Poland (1970–2000)
Soviet Union (1970-1991)
The IIB is open to new members sharing its goals and vision. Its statutory documents allow for the admission of either sovereign states or international organisations as IIB's members.
Management
On the daily basis the Bank is managed by the IIB Board. The Chairman of the Board is Nikolay Kosov (appointed in September 2012). As the Bank is an international financial institution, it is strategically guided and supervised by the IIB Council, where each member state, represented by a high-level official, has one vote, disregarding the countries’ shares in IIB's capital.
Capital
The authorized capital of the Bank is EUR 2 billion.
The paid-in capital of the Bank is EUR 329.61 million.
Ratings
History
The agreement establishing the Bank was signed by the member states on July 10, 1970 and registered with the UN Secretariat under number 11417. The Bank began its activities on January 1, 1971. The member states of the Bank at the time of its foundation were: the People's Republic of Bulgaria, the People's Republic of Hungary, the German Democratic Republic, the Mongolian Democratic Republic, the People's Republic of Poland, the Socialist Republic of Romania, the Union of Soviet Socialist Republics, and the Czechoslovak Socialist Republic.
The IIB's key objective at that time was granting long-term and medium-term loans for implementation of joint investment projects and development programs and providing financing to construct facilities contributing to development of the national economies of the IIB member states. During the ‘Soviet’ period of its history, the Bank financed projects in the amount exceeding EUR 7 billion.
With the disintegration of the Socialist Bloc, the IIB largely lost its purpose and stagnated for nearly two decades. In 1991, the German Democratic Republic (GDR) terminated its membership in the Bank, as the GDR ceased to exist as an international entity. In 2000, Poland and Hungary declared their intentions to cancel their membership in the Bank (Hungary rejoined the IIB in May 2015).
In 2012, a new management arrived at the Bank, which received a mandate from IIB's shareholders to start the complex reformation of the Bank.
In 2014, for the first time in its history the bank entered debt capital markets. So far, the Bank has issued bonds in Russia, Slovakia and Romania.
In 2019, the bank relocated its headquarters to Budapest, Hungary.[1]
References
- ^ Zoltán, Biró Marianna, Kovács (2019-02-20). "Putin's bank moves to Budapest, receives all conceivable privileges and immunities". index.hu. Retrieved 2019-02-24.
{{cite web}}: CS1 maint: multiple names: authors list (link)
External links
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