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Nov 22, 2017

EIB to contribute 200 million euros to development programs in Hungary

The funds are designed to expand micro-, small- and medium-sized enterprises, job creation, the development of industrial parks, brownfield industrial projects as well as efforts aiming to make Hungary even more attractive as a tourist destination

The European Investment Bank (EIB) is contributing 200 million euros to the implementation of EU-funded economic development programs in Hungary.

Mihály Varga, minister for National Economy, signed an agreement with EIB Vice President Vazil Hudak this week.

According to kormany.hu, the agreement is related to the second tranche of an EU credit line of 1.5 billion euros approved in 2015, which has been aimed at the re-financing of domestic fiscal resources used for EU-funded projects. 

The minister said that the first tranche included 500 million euros, and the latest credit line will be made available for the 2014-2020 period.

Varga said Hungary can use the funds for four operational programs: the Economic Development and Innovation Program, the Competitive Hungary Program, the Regional and Settlement Development Program and the Human Resources Development Program.

Mihály Varga said that the EIB had found the progress made in the implementation of these programs satisfactory, therefore they agreed to provide the loan of 200 million euros. 

The minister said the funds are designed to expand micro-, small- and medium-sized enterprises, job creation, the development of industrial parks, brownfield industrial projects as well as efforts aiming to make Hungary even more attractive as a tourist destination.

What's more, the funds will help the transition to a low carbon emission economy. The credit line is also designed to help support disadvantaged job-seekers, Varga added.