Budapest City Council to take out HUF 32 bln development loan

City

Photo by Dave Martin/Mountain Leon

The Budapest City Council on Wednesday decided to take out a HUF 32 billion development loan to finance developments planned for this year, according to a report by state news wire MTI.

The loan maturing in 20 years will be provided by a consortium led by OTP Bank. The loan agreement is subject to prior approval by the government.

The decision passed with 17 votes in favor and 9 votes against from ruling Fidesz-KDNP councilors.

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