International Investment Bank (IIB), the bank providing long-term and intermediate-term credits to the countries of the socialist community. It began operations on January 1, 1971. Among its members are: Bulgaria, Cuba, Czechoslovakia, the GDR, Hungary, Mongolia, Poland, Romania, the USSR and Vietnam. Has its headquarters in Moscow. Original capital amounts to over 1,000 million transferable roubles with 70 per cent of that in transferable roubles and 30 per cent in freely convertible currency. As far as its economic basis, conditions and character of its credit activity are concerned, the International Bank is a credit institution of a new type, differing in principle from capitalist banks and monetary and financial organisations. Its establishment created possibilities for concentrating and using rationally the investment means of the CMEA member countries for implementing joint ventures. The principal function of the IIB is to grant long-term (up to 15 years) and intermediate-term (up to 5 years) credits for initiatives in the socialist international division of labour, specialisation and cooperation of production, the expansion of the fuel and raw material base in the common interest, the construction of facilities involving the Bank’s member countries and essential for the development of their economies, as well as for other purposes. Bank credits are planned, target-oriented, repayable and paid in character. The Bank charges interests set by the Bank Council for granting credits in transferable roubles. By the credit, which is formed in freely convertible currency, the magnitude of interest rates is determined with due account of their level on international exchange markets. The IIB operates on the basis of cost accounting. It guarantees that payments on commitments will be made in time, and controls the return of loans. The Bank has established a special fund for crediting initiatives providing economic and technical assistance to developing countries, whose sum is set at 1,000 million transferable roubles. The IIB’s activity is managed by the Council and the Board. The Council is the highest collective governing body, and includes representatives of all IIB member countries. Every country has one vote. The Board directly manages the activities of the Bank. The IIB is an open organisation. Other countries which share its aims and principles and are ready to assume obligations ensuing thereof and accept the Rules can become members.