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Mar 18, 2021

Hungary's armed forces receive HUF 130 billion for developments

Norway is providing Hungary with HUF 130 billion (348.5 million euros) of financing with a view to strengthening Hungary’s combat defense capabilities.

 

The Ministry of Finance has announced that Norway is providing Hungary with HUF 130 billion (348.5 million euros) of financing with a view to strengthening Hungary’s combat defense capabilities through Export Credit Norway (ECN) and the Norwegian Export Credit Guarantee Agency (GIEK).

According to MTI, the credit is tied to the 410 million euro NASAMS contract concluded by Hungary and Norwegian supplier Kongsberg Defense and Aerospace AS last November. The financing is cheap and will help to keep the public debt curve favorable while giving the country broader debt-management foundations.

The ministry added that the credit framework applies within the country’s Zrínyi Defense and Armed Forces Development Program, “the largest and most comprehensive defence programme of the past 25 years”.

Photo credit: Origo