Are you sure?

State-owned company lends HUF 465m to farm sellers cooperative

The state-owned Regional Development Holding Company (RFH) has lent DATESz, a farm sellers cooperative in the south of Hungary, HUF 465 million to allow it to restart its activities, Agriculture Minister József Gráf said on Thursday.

The loan has preferential conditions. Together with a similar-sized loan from the Hungarian Development Bank (MFB) and European Union funding, some HUF 1.6 billion in resources have been made available to DATESz, Gráf said.

At the same time it made the loan, RFH raised capital in DATESz by HUF 135 million to give it a 75% stake in the company.

The resources will allow DATESz to pay their suppliers on delivery, said Zoltán Nógrád, an MP from Nógrád County. (MTI-Econews)