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Hungary ready to start talks on joining EDB

Hungary is ready to start talks on joining the Eurasian Development Bank (EDB) as a full member, Finance Minister Mihály Varga said at a conference in Moscow on Friday, state news wire MTI reports.

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Joining EDB would open inroads to new markets and sources of financing for Hungarian companies as well create opportunity for new investments in the Hungarian economy, Varga said in a statement released by his ministry.

If the accession talks are successful, Hungary will join a capital-strong financial institution that international credit rating agencies say has a strong financial profile and whose operation is in line with generally accepted international practices, he added.

EDB was established by Russia and Kazakhstan in 2006 "to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment", according to the lenderʼs website. Since it was founded, Armenia, Tajikistan, Belarus and Kyrgyzstan have become full members.