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State to grant HUF 170 bln to MFB

  The state of Hungary will provide MFB Bank with a two-installment loan of HUF 170 billion (€588.74 million) in order to boost corporate lending in the country, the finance ministry announced on Tuesday.

The loans will carry a market interest rate, the statement said. The loans will be provided in euros, pounds, dollars and yen. The state loans will be provided on the back of a €20 billion international financial package granted to Hungary by the IMF, the EU and the World Bank late last year, the ministry announced. MFB has undertaken to use the loan to grant at least HUF 55 billion in corporate loans.

Finance Minister János Veres announced on March 25 that the state will provide loans of more than HUF 400 billion to OTP Bank and around HUF 120 billion to FHB Bank with the aim of boosting domestic lending. (MTI-Econews)