BUDAPEST: Russian based development bank International Investment Bank (IIB) has launched a new project to promote the pharmaceutical industry’s development in Russia and Hungary, the bank said in a press release on March 13.
Set up in Soviet times to foster cooperation and trans-border investment amongst the Comecon countries, IIB has been remaking itself as a modern International Financial Institution (IFI) and the transition programme officially came to an end and the close of 2015. Headquartered in Moscow, five out of the nine shareholders are EU members. The current members include Bulgaria, Cuba, Czech Republic, Hungary, Mongolia, Romania, Russia, Slovakia and Vietnam.
“The improvement of the population’s living standards in the IIB shareholder countries is to a great extent related to the development of such flagship economic sectors as pharmaceuticals. The agreement is aimed at support of Russian and Hungarian pharmaceutical industry, Deputy Chairman of the IIB Board, Denis Ivanov, commented. “In addition, a significant integration effect of the deal is of great importance. It guarantees high quality of medicine for the Russian consumers due to IIB’s cooperation with one of the industry’s leaders, as well as the expansion of Russian-Hungarian trade relations and an increase in production of medicine in Hungary.”
