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EIB nearly doubles its support to Hungary with €1.42 billion in loans

Deals

The European Investment Bank (EIB) signed new loan agreements with Hungary amounting to €1.42 billion in 2015, the highest level in the last three years, according to a press release issued by the EIB today.

EIB Vice-President László Baranyay, responsible for the Bank’s operations in Central Europe spoke to the press in Budapest today about EIBʼs plans to maintain this level of support in Hungary for many more years, adding that this latest round of loans represents “an 88% increase compared to the previous year and a record amount since 2012”, the press release said.

Baranyay also spoke of plans to increase EIBʼs physical presence in Hungary by opening a new office to help increase its contact with public and private players.

EIB loans to Hungary in 2015 included a HUF 34.5 mln (approximtely €115 mln) loan to the Hungarian Academy of Sciences to finance its basic scientific research and the operation of its Library and Digital Information Center; HUF 500 mln for projects receiving support from EU Cohesion Funds, European Regional Development Funds and the Connecting Europe Facility; and EUR 500 mln for projects supported by European Regional Development Funds and the European Social Fund, the press statement noted.

According to the EIB, “this combination of EIB loans and EU grants enables Hungary to meet its national strategic priorities – supporting sustainable economic growth and improving the everyday life of citizens by boosting labor productivity, promoting inclusive economic growth and increasing the number and quality of jobs” the press release added. 

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