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Bank of China raises MVM credit line

The state-owned Hungarian Electricity Works (MVM) signed a contract in Budapest on Wednesday raising its credit line from Bank of China from EUR 250 million to EUR 350 mln, state news agency MTI reported.   

The term of the five-year credit line was also extended by two years, until 2026. MVM may call down the credit in Hungarian forints, euros or U.S. dollars.

MVM Chairman-CEO György Kóbor said the company needs the bigger credit line to expand its integrated services.

Xu Haifeng, Bank of Chinaʼs chief executive in Hungary, said the new agreement shows the lenderʼs commitment to Hungaryʼs energy sector and can contribute to the strengthening of economic ties between China and Hungary.