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Bank of China Hungary uses €500 mln bond to finance local company

Pharma

The Hungarian branch of the Bank of China will use proceeds from a €500 mln bond for upgrades at local chemicals company BorsodChem, a member of Chinaʼs Wanhua group, and the state-owned Hungarian Electricity Works (MVM) – as well as several other local businesses – news agency Xinhua said on Friday, citing the head of the branch. 

Chen Huaiyu said the bond issue showed the high level of confidence foreign investors have in the future economic progress of Hungary and Central and Eastern Europe.

The bond issue was an important step in the implementation of the memorandum of understanding between China and Hungary on their governmentsʼ support for the establishment of the Silk Road Economic Belt and the 21st Maritime Silk Road signed earlier in June.

The Hungarian branch of the Bank of China plans to accelerate the development of its Central European organizations, promoting the realization of new investment plans in the region by Chinese businesses, Xinhua said.

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