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MFB reshuffles organization structure

State-owned development bank MFB Zrt has set up a unit called Business Subsidy Coordination Zrt to manage the allocation of EU subsidies from next year, CEO Sándor Czirják announced at a press conference.

State-owned development bank MFB Zrt has set up a unit called Business Subsidy Coordination Zrt to manage the allocation of EU subsidies from next year, CEO Sándor Czirják announced at a press conference. The new company will make available EU funds for businesses totaling Ft 100 billion - Ft 120 billion a year. At the same time, four state-run organizations and companies, Hungarian Business Development Kht, Informational Society Kht, Regional Development Holding and Loan Guarantee Zrt will be merged into MFB.

MFB Invest, another recently-established unit, will manage MFB's development capital portfolio as well as assets formerly managed by the bank’s property developer unit National Property Development and Investment Zrt. MFB Invest will also take over some items in the portfolio of Corvinus, another MFB unit. Corvinus, originally set up to support Hungarian companies' investments abroad, especially in the neighboring countries, will start operating with a new profile next year.

MFB will update and develop its loan program next year to include loans related to the second National Development Program, a framework for the disbursal of EU funding during the 2007-2013 budgetary period. It will offer loans supplementing the co-financing requirement for EU subsidies, as well as loans for energy saving programs, urban rehabilitation projects and central and local government developments, Czirják said. (MTI, Népszabadság)