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IBEC’s Council Approved 2016 Results in Resumption of Bank’s Business

On 21 June 2017, the 129th meeting of the IBEC’s Council, the supreme management body of the International Bank for Economic Co-operation, was held in Moscow.

Delegations of all Bank’s member countries took part in the meeting of the IBEC’s Council. Mr. Peter Novak, Deputy Minister of Finance of the Republic of Poland and Head of the Polish Delegation in the IBEC’s Council, acted as the Chairman of the Council in the order of precedence. The delegation of the Bank’s country of residence was headed by Mr. Sergey Storchak, Deputy Minister of Finance of the Russian Federation.

All IBEC’s member countries have positively appraised the performance of the Board and the Bank in general related to fulfillment of the previously adopted Development Strategy through 2020. The Council has approved the Board’s Report of the IBEC’s 2016 Performance and the Bank’s balance sheet as of 31 December 2016.

An important resolution that was passed at the meeting of the Bank’s Council was the resolution to approve the financing of the first stage of reconstruction of the Ufa International Airport. In May 2017, the IBEC became a winner of the request for proposals of JSC Ufa International Airport for raising a non-revolving loan facility with a limit of RUB 1 billion for a period of 10 years.

Other issues related to the Bank’s day-to-day activities and aimed at implementing the IBEC’s 2016-2020 Development Strategy have also been considered at the meeting of the IBEC’s Council.

It has been decided to convene the next 130th meeting of the IBEC’s Council in November 2017 in Moscow.