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MVM Signs EUR 250 mln Credit Deal with Chinese-Owned ICBC Austria

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State-owned energy group MVM on Friday said it signed a EUR 250 million, mid-term general financing agreement with ICBC Austria, a unit of Industrial and Commercial Bank of China (ICBC), according to a report by state news wire MTI.

 "ICBC is another important international partner in MVM's otherwise broad and diversified financing portfolio," MVM said. It added that the lender is among the biggest financial institutions in China and the world, based on total assets, and has "outstanding competences" in both industry and commerce.

"The newly signed financing agreement will contribute to the further expansion of resources necessary for Hungary's secure energy supply and offers a chance to further strengthen MVM Group's financial stability," deputy-CEO Laszlo Fazekas said. "It will also bolster confidence in MVM Group's long-term outlook on credit markets," he added.

MVM said the sides will continue to conduct negotiations on additional business opportunities that can further strengthen and expand their cooperation in the medium and long term.

 "By building an extensive safety net in terms of financing, MVM is doing everything in its power to ensure security of supply by maintaining financial stability amid the energy crisis and uncertainty and high volatility on European and global markets," it added.

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