International Investment Bank (IIB) is a multilateral institution for development that promotes social and economic development, prosperity, and economic cooperation between its member states. Main directions for its activities are the support of the small and medium-sized businesses and participation in financing socially significant infrastructure projects. IIB is focused on medium- and long-term financing of projects aimed at supporting the development of the economies of IIB member countries with positive social, environmental and economic impacts. The Bank provides loans directly, in cooperation with other financial institutions, or through partner banks. IIB was founded on the basis of an intergovernmental Agreement Establishing the International Investment Bank and its Charter. The Agreement, which is an international treaty, was signed by all the member states of the Bank on July 10 1970 , and registered with the United Nations Secretariat under registration number 11417. The Board of Governors is the Bank's supreme collective governing body and is composed of the member states' representatives to IIB. The Bank's collective governing body responsible for the general management of the Bank's operations is the Board of Directors. The Management Board is the Bank's executive body where members are appointed by the Board of Governors. Audit of the Bank's operations is carried out by the Audit Committee that comprises the representatives of the IIB's member states appointed by the Board of Governors. The Bank is an international intergovernmental organisation, that enjoys tax-free and regulation-free status, as well as the support of its member states' governmental bodies. The members of the Bank are Republic of Bulgaria, Hungary, Socialist Republic of Vietnam, Republic of Cuba, Mongolia, Russian Federation, Romania. The headquarters of the Bank is in Budapest.