The aim of the forum organized jointly by the IIB and the NGM is to inform stakeholders of the Hungarian financial and business sectors of the bank’s activities and promote beneficial business relations, Minister of State for Financial Affairs Ágnes Hornung stressed at the opening of the conference.
In close cooperation with representatives of the Hungarian Government and the business sector, the management of IIB has been aiming to bolster the economic and financial advantages stemming from the renewal of IIB membership through concrete investment and financing projects. Organizers of the forum expect the conference to assist – together with banks -- the realization of deals that can facilitate project financing and improve export conditions, she added.
As Ágnes Hornung pointed out, Hungary renewed IIB membership under mutually advantageous conditions in 2014. With the transfer of funds in March 2016, Hungary now has a stake of EUR 40 million in the bank, which constitutes a share of 12.78 percent in the institution. This places Hungary as IIB’s third largest shareholder, following Russia and Bulgaria.
Since 2013, IIB member countries have introduced a wide range of legal, financial and organizational measures to modernize the institution in accordance with the latest international norms, the Minister of State said. European regional banks, among them the EBRD and the EIB, have constantly supported IIB’s renewal and the establishment of partnerships. The IIB has also established relations with the World Bank, she stated.
Among international credit rating agencies, Fitch Ratings, Moody’s and Dagong have all placed IIB in investment grade category. Although the bank is based in Moscow, it is a multilateral, international financial institution in which the combined weight of EU member states exceeds that of Russia.
At the event, experts from IIB’s European regional office in Bratislava also held presentations, outlining the bank’s organizational and operational background as well as the potential fields of cooperation with domestic economic stakeholders. An EXIM representative gave an overview of the future directions of partnerships between the two institutions.
Ágnes Hornung also announced that IBB’s top executive body, the Bank Commission, is scheduled to hold its next session in Hungary, on 22-24 June 2016. At the business forum organized on the sidelines of the meeting, dialogues that began today are expected to be continued with economic stakeholders.
(Ministry for National Economy)
