International Investment Bank to open a regional branch office in Budapest
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The International Investment Bank (IIB) is to open a regional branch office in Budapest, Minister of Finance and Deputy PM for Economic Policy Affairs Mihály Varga said after having signed an MoU with IIB Chairman Nikolay Kosov.
Budapest is a rapidly growing economic and financial hub. Besides the opening of this office, the fact that the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) had decided to open representative offices in Budapest also reflects this trend, the Minister stressed.
The IIB’s new European Regional Office is also important for Hungary,
given the fact that the opening is in line with the Government’s efforts aiming to foster economic relations between the member states of the bank and facilitate their economic growth through the assets of the bank. “With the opening of the branch office we are aiming to help the IIB to get more closely integrated into the business and financial spheres of the region and the European Union, and bolster the bank’s presence in Central Europe,” Mihály Varga noted.
One of the main issues of coming years will be for Hungary and the fast-growing countries of the CEE region to boost competitiveness. This requires the extension of corporate lending, and the IIB can do that more efficiently from Budapest.