Varga attends IIB session in Budapest

Budapest, June 23 (MTI) – The Central and Eastern European region still has considerable untapped economic growth potential, Economy Minister Mihaly Varga said, before attending a meeting of the International Investment Bank (IIB) in Budapest on Thursday.

The Moscow-based development bank can contribute to growth in the region and Hungary supports the IIB’s endeavours to become a regional bank, he said. Hungary is interested in developing cooperation on projects which serve the interests of both the region and members of the IIB network.

Nikolai Kosov, the bank’s president, said before the meeting that the IIB’s key numbers were positive and the bank is ranked in investment category with Moody’s, Fitch and S&P. He said the IIB is acknowledged internationally while it is the only development bank with members like Cuba, which finances projects in Mongolia, Russia, Bulgaria and Romania.

Hungary renewed its membership in IIB in October 2014 after a decade-long absence. The economy ministry said at the time that Hungary was set to contribute 10 million euros to the bank’s capital both in 2015 year and in 2016, making it one of its largest shareholders.

Photo: MTI

Source: mtva.hu