EIB loans in Hungary focus on SME development and competitiveness
Last year, the EIB Group signed loans worth EUR 700 million with Hungary to promote SMEs, urban development and competitiveness. The financial support was aimed at export-oriented companies, education, urban development and telecommunication projects.
In 2017, The EIB Group, comprising the European Investment Bank (EIB) and the European Investment Fund (EIF), increased its commitment in Hungary in terms of both lending and guarantees and investments, according to a press release sent to Budapest Business Journal.
Loans granted by the EIB reached EUR 702 mln, an increase of approximately 3% year on year, while guarantees and investments by the EIF amounted to EUR 70 mln, a very significant increase from previous year (EUR 10 mln). EIB loans represent 0,63% of the country GDP, versus a EU average of 0,46%, showing the significant impact that the EU bank’s financing has on the Hungarian economy.
During a press conference in Budapest yesterday, EIB vice president Vazil Hudak, responsible for the bank’s operations in Hungary and Cohesion countries, said that the EIB sees a greater room for the bank’s engagement in the country. In particular the bank is interested to boost financial support and deploy advisory and expert services leading to an increased use and absorption of available resources.
“Hungary plays a crucial role in the Central European region and is, for many international companies, a gateway into the European Union,” Hudak said.
A full list of EIB lending in Hungary is available here.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.