• IBEC PLANS TO JOIN THE PILOT FINANCE INITIATIVE OF THE COUNCIL OF THE BALTIC SEA STATES
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IBEC PLANS TO JOIN THE PILOT FINANCE INITIATIVE OF THE COUNCIL OF THE BALTIC SEA STATES

On 19 October 2018 the Steering Committee Meeting of the Pilot Financial Initiative (PFI) of the Council of the Baltic Sea States (CBSS) for the first time took place in the premises of the International Bank for Economic Co-operation.

In the course of the meeting Director General of the CBSS Secretariat Ms. Maira Mora outlined main CBSS activities, its strategies and opportunities as well as current tendencies and objectives. Today’s long-term priorities for the CBSS are Regional Identity, Sustainable and Prosperous Region and Safe and Secure Region. Participants of the meeting shared their experience of working with the PFI and discussed new cooperation perspectives.

IBEC Chairman Mr. Denis Ivanov presented IBEC’s recent business results, ongoing and planned reforms and Bank’s strategic vision on future activities. Mr. Ivanov highlighted that IBEC Member States Poland and Russia are also members of the CBSS while Romania and Slovakia have an Observer Status with the Council.

Therefore, the Council and IBEC have related strategic interests aimed at promotion of sustainable development of Baltic Sea States, and expressed readiness to consider potential areas of cooperation as well as inclusion of IBEC in the Pilot Financial Initiative of CBSS.

The Council of the Baltic Sea States (CBSS) is regional intergovernmental organization established in 1992 in Copenhagen. Consisting of 11 Member States (Denmark, Estonia, Finland, Germany, Iceland, Latvia, Lithuania, Norway, Poland, Russia & Sweden), as well as a representative of the European Union, it supports a global perspective on regional problems. The Council has designated eleven countries with Observer Status. These are Belarus, France, Hungary, Italy, the Netherlands, Romania, Slovakia, Spain, the Ukraine, the United Kingdom and the United States of America.

The Pilot Financial Initiative (PFI) was an open platform for financial cooperation launched on the initiative of the Russian CBSS Presidency to attract partners and funds to finance innovative small and medium businesses as well as PPP projects to upgrade social, municipal and regional infrastructure, energy efficiency, nature protection in the geographic area of CBSS. Partners are the CBSS Secretariat, Vnesheconombank and KfW.