Credit agreement on Paks signed, sent on to Brussels

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State secretary János Lázár on Tuesday confirmed that Hungary had signed an agreement with Russia on credit for an upgrade of the Paks nuclear power plant; Lázár also confirmed that the agreement has been sent on to Brussels.

Russian daily Vedomosti broke the story this morning in reporting that Russia and Hungary had signed the agreement on the €10 billion state loan. Russian Deputy Finance Minister Sergei Storchak informed Russian news agency Interfax that the agreement had been signed.

The Russian government approved a draft of the agreement on March 10 and Prime Minister Dmitry Medvedev mandated further negotiations on it among Russia’s ministries as well as with Vnesheconombank and Rosatom.

In the middle of March, Hungarian state secretary Lázár stated the government would submit the credit agreement for the upgrade to Parliament, after it was approved by the Russian government. Russia earlier agreed to lend Hungary the €10 billion to build two blocks at the Paks nuclear power plant, covering 80% of the cost.

Russian state-owned Rosatom is the general contractor for the blocks.

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