ADVERTISEMENT

Hungary signs for EIB loan for €500 mln

Conferences

Hungary signed for a €500 mln loan from the European Investment Bank (EIB) on Monday, state news agency MTI reported yesterday. The agreement was signed by EIB Vice President László Baranyay and National Economy Minister Mihály Varga. 

Varga said the preferential credit would make co-financing for European Union funded projects easier. Baranyay said the credit would support some €9 bln in investments. "It will help to implement investments that are important for accelerating the EU convergence process and allowing Hungary to meet national strategic objectives in the areas of growth and employment, climate change and energy independence, all of which are key to achieving an increase in Hungary’s economic competitiveness and improving the quality of life of its citizens," he said.

The EIB funds will support investments in water, including flood prevention, waste, energy efficiency, renewal and distribution as well as transport projects, completing the road and railway TEN-T and improving roads in less developed areas and railways throughout Hungary, the EIB said.

In addition, the EIB loan will co-finance projects related to the preservation of natural and cultural heritage. In addition to large-scale infrastructure projects, the EIB loan may also be used to finance smaller schemes, which, due to their limited size, would otherwise not qualify for direct EIB financing. The EIB made a credit line of some €1 bln available to Hungary during the 2014-2020 program period.

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

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.