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Eximbank Takes out EUR 300 mln Loan From ING Bank

Banking

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Magyar Eximbank has taken out a EUR 300 million, long-term loan from ING Bank to finance lending to local businesses for sustainable developments, the state-owned bank said on Monday, according to a report by state news wire MTI.

The World Bank's Multilateral Investment Guarantee Agency (Miga) has provided a guarantee for the 12-year loan.

The credit will be used to finance lending for investments that improve energy efficiency and tap renewable energy resources as well as for sustainable real estate developments by Hungarian SMEs and big companies.

Magyar Eximbank's credit outlays were close to HUF 969 billion in the first half of the year, five times the lending volume in the same period a year earlier.

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