Vietnam and Russia signed a Protocol on the new constituent documents of IIB
The two member states of the International Investment Bank, the Socialist Republic of Vietnam
and the Russian Federation, signed a Protocol on the amendments to the
Agreement on the Establishment of IIB and the Statutes today in Moscow.
The Head of the
Delegation of the Russian Federation in the IIB Council, the Deputy Minister of Finance Dmitry Pankin has put his signature on the document according to the
relevant decision of the Government of the Russian Federation.
On behalf of the
Socialist Republic of Vietnam the Vice-President of the State Bank of Vietnam,
the Deputy Head of the Delegation of the Socialist Republic of Vietnam in the
IIB Council Le Minh Hung on the authority of the Government of the Socialist
Republic of Vietnam has signed the document.
Secretary, the Deputy Minister of Finance Yuriy Zubarev, the Extraordinary and
Plenipotentiary Ambassadors of the member states of the Bank in the Russian
Federation, executive employees of the Ministry of Finance of the Russian
Federation, the Ministry of Foreign Affairs of the Russian Federation and the
Executive Office of the Government of the Russian Federation participated in the solemn ceremony.
Dmitry Pankin stated that
the signing of the Protocol by the two member states of the IIB, including the
largest participant of the Bank — the Russian Federation is «one more step towards the final straight
of completing the impressively fast and what is more important effective
transformation of the IIB which with confidence can be named as a modern and dynamic
institution for development».
Le Minh Hung noted that «The IIB’s transformation
is followed closely in Vietnam and noting the highly raised dynamics in its
development and are satisfied that the Vietnamese direction got a new meaning
in the activities of the renewed Bank. On behalf of the Vietnamese Government
he also expressed support to the program of the Bank’s recapitalization in which the Socialist Republic of Vietnam will actively participate this year».
signing of the Protocol during the negotiations with the Chairman of the Board
Nikolay Kosov, Le Minh Hung touched upon the concrete plans of the Bank on the
support of the small and medium business of Vietnam, the development of export-import operations and also the IIB’s possibilities to participate in the
funding of large infrastructure projects in Vietnam.
Nikolay Kosov noted that with the adoption of the new documents the process of the IIB’s transformation is completing, new
prospects for the Bank’s development and fulfillment of tasks, which are set by the IIB towards the member states, are opening.
The constituent documents of the Bank which had been
drawn up at the end of the 60's of the 20th century in many respects
don’t answer the modern realia, standards of the international financial society,
practices of the leading institutions for development. The issue of their
updating was being discussed by the Members of the Bank for a long time but it gained utmost importance after the reformation of the IIB which has been taking place
for the last year and a half. The issue of the updating and modernization of the IIB’s constituent documents became the key factor for the further
development of the Bank, realization of its middle-term strategy as the
multilateral institution for development and multiple increase of the scale of operations.
Besides the general updating according to the modern
practices of the international institutions for development the new version of the constituent documents establishes the fair system of voting which counts
the shares of the member states in the paid-in capital. The three-level system
of the corporate management — Board of Governors, Board of Directors, IIB Board
— was also introduced. It will increase the effectiveness of the management
procedures and decision making.
Havana meeting of the Council the Delegations of the Republic of Bulgaria, the
Republic of Cuba, Mongolia, the Slovak Republic signed the document. Other member states pledged to do it by November 1, 2014, after completing the necessary
representatives of the Socialist Republic of Vietnam and the Russian Federation
have signed the documents today, there are only two countries left, the Czech
Republic and Romania. On their signing of the document the procedure of the
registration of the renewed constituent documents of the IIB will be launched.