Agreement on International Investment Bank Signed in Budapest

An agreement on establishing the headquarters of the International Investment Bank (IIB) in Budapest was signed by Finance Minister Mihály Varga and IIB chairman Nikolay Kosov on Tuesday.

Moving the International Investment Bank headquarters to Hungary will further strengthen the role of the country and Budapest as an international financial centre, Varga said after the signing.

From Budapest, IIB can network better with European financial institutions and other international development banks, allowing it to take on a significant role in supporting investments in central Europe, in corporate lending, and in international financial affairs, he added. The IIB’s board of governors took a unanimous decision in December to relocate the lender’s headquarters to Budapest.

IIB is headquartered in Moscow at present. As we wrote last week, the establishment of the International Investment Bank’s headquarters in Budapest was the main topic of discussions between Prime Minister Viktor Orbán and Nikolay Kosov, the IIB’s President, at the prime minister’s offices in Budapest


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