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Hungary to join EU-Africa Infrastructure Trust Fund

Initiatives

Hungaryʼs government has mandated the economy ministry to negotiate on joining the EU-Africa Infrastructure Trust Fund, a resolution published in the latest issue of the official gazette Magyar Közlöny shows.

National Economy Minister Mihály Varga will work together with the Ministry of Foreign Affairs and Trade as well as Magyar Export-Import Bank to take the necessary steps for accession to the fund.

Hungary would pay a little more than HUF 2.3 bln into the fund this year.

The EU-Africa Infrastructure Trust Fund was launched in 2007 by the EU together with its member states and the European Investment Bank. It finances large regional infrastructure programs on the African continent to facilitate interconnectivity and regional integration, blending grants from the European Commission and EU member states with long-term loan financing made available by eligible financiers. As of end-2013, the EC had allocated €638 mln of a total endowment of €798 mln.

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