Hungary extends €15 mln loan to Montenegro
Wednesday, November 23, 2005, 11:22
Economy and Transport Minister Janós Kóka signed an agreement with Montenegrin Finance Minister Igor Luksic yesterday, under which Hungary will provide a subsidized loan of €15 million to Montenegro, Napi Gazdaság reported. The 13-year loan is designed to facilitate the construction of schools and pre-schools in Podgorica. Hungarian companies will play roles in the actual construction. Kóka said that Hungary had agreed to pay part of the interest on the loan and a portion of the insurance fee. The transaction would cost the central budget some Euro 6 million over the full life of the loan. The minister said that Hungary was Montenegro's number one foreign investor.