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EIB lends Magyar Eximbank EUR 400 mln for SMEs

The European Investment Bank (EIB) on Tuesday signed an agreement on a EUR 400 million loan to Magyar Export-Import Bank (Eximbank) which will be used to finance preferential loans for SMEs and mid-caps in Hungary, state news wire MTI reported.

Eximbank CEO Zoltán Urbán said the loan agreement would "create a significant funding basis for financing SMEs and mid-caps in the coming years.

"As a result of recent cooperation, we were able to finance 362 different SMEs and mid-cap companies that employ around 62,000 people," he added.

EIB Vice President Vazil Hudák said supporting access to financing for SMEs and mid-caps is a "top priority" for the EIB Group.

About 13% of Hungarian companies consider themselves to be finance-constrained, according to a recent EIB survey, well over the 5% average for the European Union, noted MTI.