Economy
International Investment Bank to set up shop in Budapest
Varga underlined that the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) have already established units in Budapest.
By the establishment of the office we aim to achieve that the IIB participates in the business life of the region and the European Union more efficiently and that the financial institutions further strengthens its presence in Central Europe, said Varga.
The signed MoU provides legal foundation for future joint work of IIB and Hungarian government concerning this matter, as well as fixes intentions of both parties to ratify the host-country agreement for IIB European Unit until the year-end, in order for the office to start operating at the beginning of 2019, IIB said in a separate press release.
Hungary renewed its IIB membership in 2015. It is the third-largest shareholder in the bank after Russia and Bulgaria. The country’s accession had a great deal to do with the fact that the bank’s management had placed the operation of the institution on new foundations.
The bank said that currently, the plan is to gradually launch activities of the IIB European Unit and expand its functions in the future.
“Apart from standard projects search, new office will perform their primary assessment and monitor further implementation. Moreover, the Unit is set to coordinate IIB’s European treasury and funding activities. The Memorandum states that establishment of IIB European Unit will allow the Bank to demonstrate further flexibility and efficiency when dealing with partners and clients, while lowering risks and increasing quality of its services in all directions."
By the establishment of the office we aim to achieve that the IIB participates in the business life of the region and the European Union more efficiently and that the financial institutions further strengthens its presence in Central Europe, said Varga.
The signed MoU provides legal foundation for future joint work of IIB and Hungarian government concerning this matter, as well as fixes intentions of both parties to ratify the host-country agreement for IIB European Unit until the year-end, in order for the office to start operating at the beginning of 2019, IIB said in a separate press release.
Hungary renewed its IIB membership in 2015. It is the third-largest shareholder in the bank after Russia and Bulgaria. The country’s accession had a great deal to do with the fact that the bank’s management had placed the operation of the institution on new foundations.
The bank said that currently, the plan is to gradually launch activities of the IIB European Unit and expand its functions in the future.
“Apart from standard projects search, new office will perform their primary assessment and monitor further implementation. Moreover, the Unit is set to coordinate IIB’s European treasury and funding activities. The Memorandum states that establishment of IIB European Unit will allow the Bank to demonstrate further flexibility and efficiency when dealing with partners and clients, while lowering risks and increasing quality of its services in all directions."
