Weekly newsletter

Hungary Takes Out €500M EIB Loan To Revamp Country’s Public Road Network

Tamás Székely 2016.03.08.

The European Investment Bank (EIB) will provide preferential loans to finance the development of Hungary’s road network until 2020 from a 500 million euro credit line deal signed by Hungarian Economy Minister Mihály Varga and EIB vice president László Baranyay in Budapest.

EIB vice president László Baranyay and Economy Minister Mihály Varga (photo: Attila Kovács - MTI)

EIB vice president László Baranyay and Economy Minister Mihály Varga (photo: Attila Kovács – MTI)

The credit line can be drawn down in several instalments, and they signed the first 140 million euro loan contract on Monday. The loan contract will supplement central budget appropriation for priority road investments, Varga said after the signing. The credit line will help Hungary modernise the parts of its road network which are not part of the TEN-Transeuropean transport project and cannot be upgraded from EU funding, the Economy Minister said.

Speaking at a press conference earlier in the morning, EIB vice president László Baranyay said the total value of loan agreements signed between the EIB and Hungary in 2015 came to 1.424 billion euros, up 88% from the previous year and the biggest annual figure since 2012. The EIB disbursed 1.054 billion euros to Hungary last year, up by 18% from 2014, he said.

via hungarymatters.hu and kormany.hu


Array
(
    [1536x1536] => Array
        (
            [width] => 1536
            [height] => 1536
            [crop] => 
        )

    [2048x2048] => Array
        (
            [width] => 2048
            [height] => 2048
            [crop] => 
        )

)