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EIB opens €440 mln credit line for Hungary

The European Investment Bank (EIB) has made available to Hungary a €440 million credit line that can be used until 2013 to support economic competitiveness, EIB chairman Philippe Maystadt and Finance Minister János Veres said.

The credit line will cover co-payments in the New Hungary Development Plan, the country's framework for paying out EU development funding, Veres said.

It will be used to support environmental and transportation investments, as well as investments in the industrial sector, the energy sector, the telecommunications sector and in the areas of innovation and education.

The credit line may be used to support applications for EU funding for R+D and by SMEs.

Interest on the loan will be determined as it is called down, Veres said. The loan contract allows at most 15 tranches with the last one to happen by 2013, and Hungary can call down as much as €132 million in 2009. (MTI – Econews)