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EIB lends MVM €150m for transmission network project

The European Investment Bank (EIB) on Monday said it is providing a €150 million loan to the state-owned Hungarian electricity works MVM to expand its high-voltage transmission network.

The loan will support an expansion of the network's capacity and its extension.

“The project will improve the security and the diversification of the electricity supply through the development of additional internal and cross-border transmission capacity,” the EIB said.

The EIB will co-finance the project until 2015, particularly the upgrading of the 109 km-long Martonvásár-Bicske-Győr transmission corridor, interconnecting the greater urban area of the Hungarian capital Budapest with the northwest of the country. The project also includes the construction or extension of six substations situated in various locations across Hungary.

The EIB has lent Hungary almost €11 billion since 1990. (MTI-Econews)