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Gov’t Borrows EUR 183 Million from Asian Infrastructure Investment Bank

MTI-Hungary Today 2021.10.06.

Hungary has concluded an agreement with the Asian Infrastructure Investment Bank (AIIB) on the provision of 183 million euros (HUF 64 billion) to fund developments in Hungarian health care, Finance Minister Mihály Varga said on Wednesday.

Hungary will receive the funds at a below-market interest rate, he said in a video posted on Facebook.

The funding, which is the first the AIIB is allocating outside Asia, will be used to revamp 17 hospitals and to purchase diagnostic equipment and protective gear, he said.

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László Balogh, a state secretary of the finance ministry, said the resources ensured that the “funding and development of Hungarian health care has more than one leg to stand on”.

Hungary joined the AIIB, one of the world’s newest and most important multilateral development banks, in 2017, he added.

In the featured photo illustration: Finance Minister Mihály Varga. Photo by Noémi Bruzák/MTI