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Feb 06, 2019

Finance Minister Mihály Varga and Nikolay Kosov sign IIB agreement to establish HQ in Budapest

Minister Varga said moving the IIB headquarters to Hungary will further strengthen the role of the country and Budapest as an international financial center

An agreement to establish the headquarters of the International Investment Bank (IIB) in Budapest has been signed by Finance Minister Mihály Varga and IIB chairman Nikolay Kosov.

Minister Varga said moving the IIB headquarters to Hungary will further strengthen the role of the country and Budapest as an international financial center. He added that 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.

The signing follows Prime Minister Viktor Orbán’s meeting with Kosov at the prime minister’s offices last week.

Kosov briefed PM Orbán about the bank’s activities and future plans. IIB member states unanimously voted to relocate the bank’s headquarters to Hungary and authorized the bank to sign the relevant accord at a board meeting last December.