29 Jul 2022 09:19

Czech Republic to exit International Investment Bank in six months

MOSCOW. July 29 (Interfax) - The Czech Republic will exit the International Investment Bank (IIB), the largest shareholder of which is Russia, in six months.

The IIB said that on July 27 it received official notification that the Czech Republic will cease to be a shareholder of the bank as of January 27, 2023. The country had an 8.8% stake in the IIB as of the end of 2021, while Russia held 47.5%.

The IIB, which is headquartered in Budapest, is an international financial institution established in 1970 by Comecon member countries. The bank's current members are Russia, Hungary, Bulgaria, Vietnam, Cuba, Mongolia, Romania, Slovakia, and the Czech Republic. The bank's primary focus is financing investment projects.

The IIB has entered the Czech debt market several times since 2018.