Financial and business news from Bulgaria

The government approved the sale of buildings of the International Investment Bank in Moscow

The Council of Ministers approved Bulgaria's position for the sale of part of the building fund of the International Investment Bank in Moscow. This is the former bank of SIV (Council for Mutual Economic Assistance). The government's decision relates to the relocation of the bank's headquarters to Budapest and the possibilities for subsequent use of the Bank's building stock in Moscow.
The International Investment Bank is a multilateral development financial institution, of which Bulgaria, Vietnam, Cuba, Mongolia, Hungary, Romania, Russia, Slovakia and the Czech Republic are members. Its activities are related to the financing and co-financing of economically sound investment projects and programmes of member states, which are of priority importance for the development and diversification of their economies, as well as other projects that meet the objectives of the Bank, according to the government press release.

The Bank started operations on 10 July 1970. The member states of the bank are Bulgaria, Vietnam, Cuba, Mongolia, Romania, Russia, Slovakia, Hungary and the Czech Republic. The authorized capital of MIB is EUR 2 billion and its contribution is EUR 326 million. Bulgaria has the status of a founding country, with the participation of our country equal to 12.9% of the authorized capital, or 123 million euros.