Bulgaria terminates its membership in International Investment Bank and International Bank for Economic Cooperation

In the context of the collective response of Europe and the EU, the government decided Bulgaria to terminate its membership in the International Investment Bank (IIB) and the International Bank for Economic Cooperation (IBEC). This has been agreed by all EU member states, cabinet spokeswoman Lena Borislavova said on March 2.

The IDB and IBRD are multilateral development finance institutions whose purpose is to support the economic development of member states. MIB member countries are Bulgaria, Cuba, Czech Republic, Hungary, Mongolia, Romania, Russia, Slovakia and Vietnam. The IBEC member countries are the Republic of Bulgaria, Russia, the Czech Republic, Poland, Romania, Slovakia, Mongolia and Vietnam.