Hungary to draw EUR 40 mln of EIB road development loan immediately

Deals

Hungary can now draw down €40 million of a €140 mln road development loan from the European Investment Bank (EIB), while the remaining €100 mln can be called down in two tranches after contract details and conditions are clarified, National Economy Ministry state secretary Ágnes Hornung said on state-owned all-news channel M1, Hungarian news agency MTI reported.

Hungary may draw down the remaining tranches of the 25-year loan until 2020, Hornung said. The drawdowns do not have to coincide with project financing, she added. 

The credit will be used to fund road developments that are ineligible for European Union funding because they are not part of the TEN-T network, which aims to close the gaps between member statesʼ transport networks.

The €140 mln loan is the first installment of a €500 mln credit line from the EIB that Hungary signed for yesterday.

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