1 Aug 2022 09:25

Slovakia to join Czechia in leaving International Investment Bank in six months

MOSCOW. Aug 1 (Interfax) - Slovakia, following in the footsteps of the Czech Republic, will exit the International Investment Bank (IIB) in six months.

The IIB said that on July 29 it received official notification that Slovakia will cease to be a shareholder of the bank, the largest shareholder of which is Russia, as of January 29, 2023.

A day earlier, the IIB reported that it had received a similar notice from the Czech Republic, which said it will cease to be a shareholder of the bank as of January 27, 2023.

Slovakia had a 6.8% stake in the IIB as of the end of 2021, while Russia held 47.5% and the Czech Republic held 8.8%.

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.