State-owned 'green bank' to start operations soon
A "green bank" recently established by the Hungarian state to fund energy efficiency investments is expected to begin operations soon, Hungarian economic daily Napi Gazdaság reported today.
According to the paper, a recently published government resolution paved the way for the acquisition of a 49% stake in the bank, dubbed the National Energy Management Company (NEG), by the Hungarian Development Bank, while the Hungarian National Asset Management Company (MNV) will remain NEG's majority owner.
NEG began technical operations in January and aims to help Hungary achieve European Union commitments it has made to improve energy efficiency. An EU directive mandates that 3% of all public buildings must undergo energy efficiency improvements every year between 2014 and 2020, the paper noted.
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