“One of the priority goals of Hungarian economic policy continues to be to improve domestic and international conditions for sustainable economic growth”, Minister for National Economy Mihály Varga stressed at the opening of the International Investment Bank’s (IIB’s) Council Meeting in Budapest.

Mr. Varga declared: “The financial institution serves the economic and commercial development of several Member States and the whole region”.

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“After nearly two decades Hungary is once again providing the venue for the International Investment Bank’s highest decision-making forum”, the Minister said. “Finding opportunities for bi- and multilateral cooperation with the countries of the Central AND Eastern European region is one of the priority areas of Hungarian economic policy, and the renewed IIB could play an important role in the realisation of these goals”, he highlighted.

“The current meeting effectively facilitates the solution of tasks facing the Bank: organisation restructuring and the determination of new strategic goals”, the Minister explained, adding: “It is in our common interests to reinforce the Bank’s international character and reputation, and to develop the institution into modern regional investment bank with a broad scope of powers”.

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The renewal of the Bank’s operations facilitates the realisation of Member State economic policy goals and contributes to the reinforcement of our economic relations, increased trade and the expansion of existing cooperation.

“The countries of the region, including Hungary, have major reserves, which can be capitalised on efficiently with the help of the International Investment Bank”, Mr. Varga said, according to whom the new framework for the management and operation of the IIB must occur according to the best international practices, in addition to which a new, modern long-term development strategy must be established. This is in the interests of every Member State: the Czech Republic, Slovakia, Romania, Bulgaria, Russia, Mongolia, Vietnam and Cuba.

(Ministry for National Economy)