International Investment Bank moves headquarters to Budapest

The International Investment Bank will relocate its headquarters from Moscow to Budapest, news portal Origo reports.

The relocation of its headquarters, the International Investment Bank (IIB) further increases the role of Hungary and Budapest as an international financiel center, Finance Minister Mihály Varga said after signing the relocation agreement with IIB Chairman Nikolay Kosov in the Hungarian capital.

Varga said the new headquarters has multiple advantages for both the bank, its shareholders and Hungary, while also creating new opportunities for the Hungarian financial and economic sector.

The IIB is a multilateral development bank established in 1970 in order to promote economic development and cooperation of the member states with a total equity of EUR 1.3 billion (US$1.48 billion). Its member states include Bulgaria, Cuba, the Czech Republic, Hungary, Mongolia, Romania, Russia, Slovakia and Vietnam.

Title image: IIB Chairman Nikolay Kosov (L) and Hungarian Finance Minister Mihály Varga after signing the relocation agreement (photo: MTI/Finance Ministry)

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