• International Bank for Economic Co-operation gives gala reception on its 55th anniversary
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International Bank for Economic Co-operation gives gala reception on its 55th anniversary

The International Bank for Economic Co-operation (IBEC) hosted a gala reception at its Moscow headquarters on the 55th anniversary of its foundation.

The event was attended by Russian Deputy Foreign Minister Grigory Karasin, Russian Deputy Finance Minister Sergey Storchak, VEB Chairman Igor Shuvalov, IIB Chairman Nikolay Kosov, representatives of the IBEC member countries’ embassies to Russia and leading international financial institutions, executive officers of IBEC partner institutions and companies, corporate customers, the management of the IIB and the IBEC, as well as former IBEC Chairman Vitaly Khokhlov.

In his welcome address, IBEC Chairman Denis Ivanov pointed to the Bank’s rich history and stressed the need for transformations that should bring about quantitative and qualitative improvements at the institution.

“Capitalising on our track record and lessons learned, both successes and failures, using best practices and talent, we are set to transform the IBEC into an advanced development institution that creates value for the financial community and its shareholders,” Denis Ivanov said.

The IBEC Chairman thanked the Bank’s staff for day-to-day work, good performance and contribution to the transformation programme.

Head of the Russian delegation to the IBEC Council Deputy Finance Minister Sergey Storchak was the first to extend greetings on the occasion. Sergey Storchak highlighted the IBEC’s special status as an international development bank and expressed confidence that the changes the Bank is undergoing are the first steps towards finding its own place in an ecosystem of development banks.

IIB Chairman Nikolay Kosov, a long-time associate of Denis Ivanov’s, emphasised the importance of ongoing changes at the IBEC that establish a framework for further comprehensive and mutually beneficial cooperation between the two banks for the economic good of their member countries.

In conclusion of the formalities, Denis Ivanov presented a number of IBEC officers with certificates of appreciation for their contributions to the development of the Bank.