IBEC, IIB AND VIGLACERA CORPORATION (VIETNAM) SIGNED MEMORANDUM OF UNDERSTANDING FOR IMPLEMENTATION OF JOINT VIETNAMESE-CUBAN PROJECTS
On the sidelines of the joint meeting of the Board of Governors of International Investment Bank (IIB) and of the Council of the International Bank for Economic Cooperation (IBEC) a Memorandum of understanding was concluded between IIB, IBEC and a production company Viglacera Corporation (Social Republic of Vietnam).
Chairman of the Board Denis Ivanov and Deputy Chairman of the Board Thinh Thi Hong were the signees on behalf of IBEC, Chairperson of the Management Board Nikolay Kosov signed the document on behalf of IIB and Chairman of the Viglacera Board Minh Cong Luyen represented the Vietnamese company.
The Memorandum provides for close cooperation of development banks and the Vietnamese corporation in the implementation of two projects on the territory of Cuba: a modernization of modern construction and finishing materials production within the framework of a Vietnamese-Cuban joint venture, as well as a project of infrastructure development of a large industrial hub.
According to the provisions of the document financial institutions will consider a possibility of providing financial support to these international projects and full package of banking services, including accounting transactions. This document clearly demonstrates synergetic potential and practical cooperation perspectives of IBEC and IIB taking into account competences of both banks and uniqueness of their business models.