• 132nd IBEC Council Meeting: the shareholders sum up the interim results of 2018 and lay a foundation for further qualitative transformation of the Bank
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132nd IBEC Council Meeting: the shareholders sum up the interim results of 2018 and lay a foundation for further qualitative transformation of the Bank

The 132nd Council Meeting of the International Bank for Economic Co-operation (IBEC) at the invitation of the Cuban party took place in Varadero, the Republic of Cuba, on December 6. N.N. Kosov, Chairman of the Board of the International Investment Bank, and G. Benedek, Advisor to the Hungarian Ministry of Finance, participated in the Council Meeting of the Bank as guests.

The delegations of the IBEC member countries made special mention of the Bank’s considerable progress in 2018, both in dynamic business development and internal transformations. The Updated Strategy of the IBEC and the Bank’s HR reform were the key topics of the meeting.

The Updated Strategy of the IBEC until 2020, designed as part of the Bank’s transformation and approved by the Council, reflects the Bank’s ambitious plans for business development, expansion of its mix of products and services, and carving out its own niche among international development institutions. The Strategy includes a financial model of the IBEC’s operations for the next two years and suggests a dynamic growth in the Bank’s business in its member states and third countries.

The HR reform, which is the key element of the Bank’s transformation, was also a major focus of the meeting. The Council approved transition from the outdated system of assigning positions to certain countries to the modern, global tender-based recruitment system. This approach will allow the Bank to expand access to the global competitive talent market and greatly improve the quality of its international personnel.

The Council also approved the Bank’s new organizational structure, which is in line with the IBEC’s current objectives of promoting dynamic business development. According to the decisions made, these changes are expected to become effective in spring 2019, along with the respective regulatory HR documents.

Shareholders continued discussions on a possible establishment of a banking group between the International Investment Bank and the International Bank for Economic Co-operation. Countries have noted a significant volume of work carried out by both institutions on the matter and decided to return to its further assessment at a later stage.

Denis Ivanov, Chairman of the Board, concluded that “the decisions taken by the Council certainly meet the Bank’s transformation needs and facilitate achieving the IBEC’s current goals and objectives.”

The IBEC shareholder countries agreed to hold the 133rd Council Meeting in 2019 in Moscow.