Hungary is considering re-joining IBEC

On February 21, 2019 a Hungarian delegation led by Hungarian Deputy Prime Minister, Minister of Finance Mihaly Varga, at the invitation of the Bank, visited the headquarters of the International Bank for Economic Co-operation to continue meaningful dialogue on Hungary’s re-joining the IBEC as a full member.

IBEC Chairman of the Board, Denis Ivanov, presented to the Deputy Prime Minister of Hungary impressive results of the Bank’s activities in 2018, including the rapid growth of the credit portfolio and its diversification, both by country and in terms of products provided by the Bank.

Key focus on the agenda was given to the renewal of Hungary’s membership in the IBEC. The Hungarian side confirmed its intention to proceed with further negotiations on the full membership of Hungary in the Bank. The IBEC, on its part, in accordance with the previously reached bilateral agreements, has taken the necessary steps to start a substantive dialogue in the framework of bilateral working group on this issue. On the part of the IBEC, Boyko Kotsev, the Member of the Board from the Republic of Bulgaria, has been appointed as the co-chairman of this group.

“The participation of Hungary in the capital and in the activities of the IBEC is a logical continuation of the Bank’s ongoing full-scale transformation,” the IBEC Chairman emphasized. “It’s the Hungarian economy that, due to its favorable location near the main Trans-Eurasian trade routes, is highly open for both export and import, which perfectly fits the Bank’s renewed business profile.”

The delegations tentatively discussed the roadmap for the process of Hungary’s becoming the IBEC shareholder and, concluding the meeting, parties confirmed mutual intentions to actively move towards its implementation.


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