MFB signs EUR 79 mln credit pact with Chinese peer

Int’l Relations

The state-owned Hungarian Development Bank (MFB) and the China Development Bank (CDB) signed an international credit agreement valued at EUR 79 million on the sidelines of the One Belt, One Road forum in Beijing, according to a press statement sent to the Budapest Business Journal on Monday.

Under the agreement signed by the two banks, MFB will lend the money to Hungarian chemicals company BorsodChem for environmental investments. CDB will refinance the loan given to the company, which is owned by Chinaʼs Wanhua Group.

MFB described the agreement as “significant” as it is the “first international credit agreement” the CDB has signed with a partner operating in a European Union member state. MFB added that the agreement may pave the way for similar agreements in the future.

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