The European Investment Bank (EIB) and the Council of Europe Development Bank are to grant preferential loans of EUR 184 million for Hungary to develop the campuses of the University of Pécs and the University of Physical Education, Minister of State for Financial Affairs Ágnes Hornung announced. The two credit lines of EUR 92 million each were signed, along with Ágnes Hornung, by European Investment Bank's Vice-President Vazil Hudák and Council of Europe Development Bank Vice Governor Carlo Monticelli earlier today.
The loans are to help the refinancing of investment projects aiming to facilitate education infrastructure and science research development as well as to improve the efficiency and promote the success of universities internationally. The banks undertake to refinance 50 percent each of the costs of investment up to EUR 184 million in the period 2018-2020, the Minister of State said.
Under the development programme thus underpinned by the two international credit institutions, the University of Physical Education is to implement infrastructural and technological projects at its three main campuses (on Alkotás Street, Csörsz Street and at Velence sports facilities) which will help the University become an educational-research centre of European standards in the long term.
The primary objective of the University of Pécs with the new projects is to increase the number of students (from 3500 to 5000 by 2020), and to turn the university into an acknowledged education hub within Europe and the region through raising the quality of education and research activities.
Expenditures related to the development at the faculty of medicine, where the number of foreign students is the highest, are seen to account for 60 percent of total costs.
The EIB and the CEB have been providing loans for Hungary since 1990 and 1992, respectively, with the aim of facilitating economic conversion.
Hungary has been a stakeholder at both banks since the country became an EU member in 2004. The loans which the country receives enable the long-term financing of economic development projects under favourable terms.
(Ministry for National Economy)
