BBCA to get HUF 42 bln MFB loan for citric acid plant
The state-owned Hungarian Development Bank (MFB) is providing a HUF 42 billion loan, guaranteed by the Bank of China, for a HUF 60 bln citric acid plant Chinaʼs BBCA Group is building in Szolnok (central Hungary), the cityʼs deputy mayor told MTI on Wednesday, Hungarian news agency MTI reported.
The MFB will contribute a further HUF 8.5 bln to the investment, the contract for which was signed in 2015, to be matched by BBCA, and the government will chip in HUF 1 bln, said Szolnok Deputy Mayor István Szabó.
Construction is expected to start in the third quarter of this year, he added.
The plant is expected to be completed in a year and a half. It will turn out an annual 60,000 tons of citric acid from 106,000 tons of maize, and will employ 440 people.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.