The International Investment Bank (IIB) signed cooperation agreements with several Vietnamese banks within the framework of a visit by the bank’s delegation.

Under a comprehensive cooperation agreement between IIB and the Bank for Investment and Development of Vietnam (BIDV), IIB will provide BIDV with a 50 million EUR credit in the medium and long term for project and trade assistance.

The two sides also committed to cooperating in savings and foreign exchange transactions.

The IIB also became a partner of the Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) in many fields of business activities. It is a favourable condition for the two sides to strengthen information exchange and propose cooperation opportunities.

They pledged to organise more joint conferences, seminars and meetings to seek partners and discuss consumers’ demand of banking services.

On March 1, representatives of IIB and the Agricultural Bank of Vietnam (Agribank) signed an agreement, under which the two sides will exchange views on cooperative possibilities in the coming time and facilitate joint projects between the two banks.

Established in 1970, the IIB used to be a common bank of former socialist countries with the headquarters in Russia’s Moscow and now includes 10 member states. The aim of the bank is to build an effective mechanism of support for small and medium-sized businesses in the member states, and to participate in large infrastructure projects.

It has provided 7 billion EUR worth of loans for about 200 projects in many countries.-VNA