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Denis Ivanov, Chairman of the Board of International Bank for Economic Co-operation, took part in the round table discussion “On the role of development institutions in the context of global financial uncertainty”. The event was held under the auspices of the IBEC’s historical partner, International Investment Bank (IIB), and was attended by representatives of international and national development institutions, the diplomatic corps, Russian ministries and departments, expert community, and media. The meeting was opened by Deputy Finance Minister of the Russian Federation, head of the Russian delegation to the IBEC Council, Sergey Storchak. In his speech, he focused on increasing uncertainty in the global financial system and the institutional mechanisms for its reduction.
The head of IBEC devoted his speech to the role of development institutions in the implementation of the UN Sustainable Development Goals (SDGs) program. In particular, Denis Ivanov dwelled on principles and practices aimed at complementary activities of development institutions in relation to the private sector and increasing the effectiveness of the latter. Additionality, which is a key principle for responsible development banks, implies both financial (financing structure; innovative financing structures and/or instruments; MDB’s own account equity; resource mobilization), and non-financial (risk mitigation; policy, sector, institutional, or regulatory change; standard-setting; knowledge, innovation, and capacity building) effect.
Denis Ivanov noted that the Bank’s focus on financing export-import operations, according to the updated IBEC strategy, is precisely aimed at reducing risks and access to the trade finance instruments to support trade between Europe and the CIS. Acting as a partner bank and a link between banks and companies in Europe and the CIS in conditions of insufficiency or absence of limits of European banks on the CIS countries banks, IBEC, through a network of counterparty banks, can effectively use risk sharing mechanisms.
In general, the Sustainable Development Goals are a guideline for IBEC when generating the next strategic cycle of the bank and a roadmap for its involvement in the international efforts of development institutions to stabilize socio-economic development, Mr. Ivanov emphasized.
Other speakers taking part in the discussion were: the Chairman of the Board of International Investment Bank Nikolai Kosov, the head of the Institute of Economics of the Russian Academy of Sciences Ruslan Greenberg, IIB Chief Economist Elliott Auckland.
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