The International Investment Bank (IIB) was established in 1970 as a multinational financial institution to support the large scale investment projects of COMECON (the Council for Mutual Economic Co-operation) members, which include several countries in central Europe, Russia, Cuba, Mongolia and Vietnam. The bank was the predecessor of today's European Bank of Reconstruction and Development and the Black Sea Trade and Development Bank. At that time, intra-regional trade amounted to 60-70% of the total export: volumes of COMECON countries, enabling the IIB to play a major financial intermediary role in the region.
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