BCCI is working to create new opportunities for business financing

The International Investment Bank, Moscow has signed a multilateral Memorandum of Understanding with the chambers of commerce and industry of the IIB member-states – Bulgaria, Cuba, Hungary, Mongolia, Romania, Russia and Vietnam. For Bulgaria, the President of BCCI Tsvetan Simeonov took part in the official signing ceremony in Bucharest, Romania and signed the document.

The signing of the Memorandum was held on 27 June, during the 107th Session of the Board of the International Investment Bank in Bucharest and the business forum “New Multilateral Business Opportunities in Romania”. The event was officially opened by Nikolay Kosov, Chairman of the Board of IIB. During the 107th session, a cooperation agreement was signed with the Bulgarian Development Bank as well as 4 credit agreements, one of which with a Bulgarian company in the oil industry.

The Memorandum aims to promote the exchange of project information between the IIB member-states, to encourage investment in priority projects, and minimize investment and commercial risks arising from the implementation of the projects. Information on potential projects will be initially published on IIB’s website https://www.iib.int/en, and later on a special online platform will be developed.

Since Bulgaria is a shareholder in the Bank, BCCI reckons that it is necessary to take more active use of its capabilities. In this respect, it was agreed to organize a special presentation of the services of IIB in the autumn, to which BCCI members will be invited.

Bulgaria’s interest in cooperation with IIB is to finance projects which are in priority sectors of the economy, taking into account the fact the Bank focuses mainly on private sector investment in export-oriented industries and industries with high added value.

After the official signing ceremony, the programme of the business forum continued with a presentation of the state of the economy and the banking sector in Romania, trade and export opportunities in the region of the IIB countries, and the role of chambers of commerce and industry.

The signing of the Memorandum is part of BCCI’s contribution to the overall programme of the business part of the visit of the President of the Republic of Bulgaria Rumen Radev to Romania in the period 28-29 June 2017. In connection to this, Mr. Simeonov also held a working meeting the Ambassador of Bulgaria to Romania – Todor Churov, discussing the priorities in the cooperation with Romania on the occasion of President Radev’s official visit to Bucharest.