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PRESS RELEASE OF THE 121ST MEETING OF THE IBEC’S COUNCIL

The 121st meeting of the Council of the International Bank for Economic Co-operation was held in Bratislava, Slovakia, on 5 June 2013. During the meeting, the Bank’s member countries reviewed major results of the IBEC’s 2012 performance.

One of the most significant events in 2012 became signing of the Agreement on Final Settlement of Mutual Financial Relations between the IBEC and Republic of Cuba. This Agreement came into effect in February 2013. Thus, the Bank’s existing shareholders are: the Republic of Bulgaria, the Socialist Republic of Vietnam, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Czech Republic.

In 2012, the Bank proceeded to comprehensive modernization of its activity starting with implementation of a new IBEC’s corporate structure corresponding to the best international banking practice.

The IBEC’s financial performance ratios at year-end 2012 show that the Bank has achieved the target figures contemplated for this period by the IBEC’s 2012-2016 Development Strategy. Thus, the Bank has built its platform for implementation of strategic purposes and objectives related to qualitative modernization of its activities in 2013 and subsequent years.

Having appraised the Bank’s further strategy role in contributing to development of economies in IBEC’s member countries, the Bank during the 121st meeting resolved to increase the paid-up portion of its charter capital by EUR 58 mln.

Taking to account the Bank’s stable financial position arrived at in the recent years and Bank’s successful performance in the reporting year, the IBEC’s Council resolved to pay dividends for the year 2012.

During the 121st meeting of the IBEC’s Council, a number of backbone resolutions intended to promote further comprehensive development of the Bank were taken.