CIB consortium, Vegyépszer win motorway tenders
Tuesday, March 29, 2005, 00:00
A consortium of major Hungarian banks led by CIB Bank Rt won the public procurement tender for a Ft 125 billion loan required by the National Motorway (NA) Rt as bridging finance for various motorway projects, NA announced on Friday. The members of the consortium include Calyon Bank Rt, Citibank Rt, HVB Bank Rt, K&H Bank Rt, MKB Bank Rt and OTP Bank Rt, according to business daily Napi Gazdaság. The loans will enable the state highway company to do construction work on 18 highway sections totaling nearly 500 km at the same time, as opposed to earlier plans to complete three or four sections where construction began last year, CEO András Szilágyi told broadsheet Magyar Hírlap. NA also announced that it picked Vegyépszer Rt to construct the 11-km first section of the M6 highway between Érd and Dunaújváros, central Hungary. The contract is worth Ft 37.1 billion.