EIB provides Hungary €218 mln to co-finance EU funded projects

Recycling

The European Investment Bank (EIB) is providing co-financing with EU funds in Hungary for the combined value of €218 mln, said EIB in a statement on Friday. €184 mln will help the rehabilitation and reconstruction of priority facilities in the railway sector, and €33.7 mln will finance the construction of a high-capacity laser research facility in Szeged and installation of advanced laser technology equipment there.

The EIB loan supporting rehabilitation in the railway sector will co-finance projects with a total cost of €1.2 bln. The individual sub-projects are located throughout Hungary. They are focused on the rehabilitation and reconstruction of various TEN-T railway lines, purchase of 42 Electric Multiple Units for commuter railway traffic around Budapest and installation of a GSM-R system on certain TEN-T corridors.

The loans support the implementation of major projects receiving funds in both the 2007-2013 and the 2014-2020 EU programming periods, the EIB said, noting that the railway sector loan has been designed in a way that it can be utilized to finance smaller schemes as well, which otherwise would not qualify for direct EIB financing.

The loan dedicated to Extreme Light research Infrastructure (ELI) will finance the design, construction and equipment of a state-of-the-art laser research facility in Szeged. This facility is part of the pan-European ELI network.

EIB funds will co-finance priority projects in both commuter and long distance rail transport, while the support for the research facility will create attractive, high quality job opportunities also in less developed areas of the country, said Laszlo Baranyay, EIB Vice-President responsible for lending in Hungary.

 

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