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MFB eases credit conditions for state-owned farmland purchases

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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.

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