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Hungarian Eximbankʼs new outlays rise 12.5% in H1

Int’l Relations

Eximbank made loans worth a total of HUF 153 bln in the first half of 2016, up 12.5% from a year earlier, Minister of Foreign Affairs and Trade Péter Szijjártó said in Budapest today, on the occasion of the Day of Hungarian Exports organized by Eximbank, Hungarian news agency MTI reported.

Loans granted to SMEs made up 57% of new outlays in H1, Szijjártó said. Eximbankʼs stock of loans has reached HUF 745 bln and the bank has 890 clients, 45% more than in mid-2015. 

The minister said Eximbank helped boost exports by HUF 191.4 bln and increase domestic output by HUF 31.3 bln in the first half of this year, expanding Hungaryʼs nominal GDP by HUF 151.5 bln.

Hungarian exports are expected to set a new record this year as exports grew 3% in January-August, driven by machinery and pharmaceutical exports. Hungarian exports grew 7% in 2015, also rising to a record high.

The minister noted the role of the Hungarian National Trading House (MNKH) in promoting Hungarian exports and especially those of Hungarian SMEs. The MNKH, set up by the government to find new opportunities for Hungarian companies on foreign markets, has representative offices in 47 countries and there will be nine new additions to the network next year, Szijjártó said.

The minister noted that Hungary has won the right to host the World Export Development Forum in 2017.

Szijjártó said exports to other EU member states accounted for more than 79% of the total, while exports to non-EU countries increased 7-9% between 2010 and 2015.

The value of Hungarian exports came to 89% of the countryʼs GDP in the first half of this year, he added.

Kazakhstan was guest of honor at the event, attended by Kazakh Ambassador Nurbakh Rustemov.

A direct flight will be launched soon between Astana and Budapest, with an agreement on the new flight to be signed on Thursday.

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