Hungary signs for EUR 200 mln EIB credit to fund EU programs

MNB

The European Investment Bank (EIB) will extend EUR 200 million in credit to the Hungarian government to help finance investments related to European Union programs. The loan contract was signed by Hungarian Minister for National Economy Mihály Varga and EIB Vice President Vazil Hudák in Budapest on Monday.

Hungary will use the preferential loan to help finance the local part of EU-funded investments and ensure their efficient utilization, Varga was cited as saying by online business news site vg.hu.

The current contract is the second installment of a general EUR 1.5 bln line of credit approved by the EIB in 2015 for Hungary to refinance the Hungarian budgetary contribution of EU funding. The agreement for the first, EUR 500 mln installment was signed two years ago, the paper noted.

Hudák emphasized that the long-term loan will contribute to Hungaryʼs further development, creating new, quality jobs and enhancing the standard of living of Hungarian citizens.

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