MFB eases credit conditions for state-owned farmland purchases

Awards

pexels

The Hungarian Development Bank (MFB) said yesterday that it has modified the conditions of its preferential loan program available for farmers purchasing state-owned land at auctions, Hungarian news agency MTI reported.

Farmers will be given the option to choose if they want to continue to make quarterly loan repayments or if they want to switch to an annual repayment scheme where they will be able to pick the frequency and timing of their repayments. 

MFB said they are making the changes because annual production cycles vary across the agricultural sector and different farmers receive revenue during different parts of the year. 

János Lázár, the head of the Prime Ministerʼs Office, said in March that in the first two phases of farmland auctions 180,000 hectares of land had been sold to approximately 10,000 families.  

The MFB provided HUF 130 billion in preferential credit to farmers for land purchases in the first two phases, Lázár added.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.