The opening of a representative office of the European Investment Bank (EIB) in Budapest will strengthen ties between Hungary and the EIB, and it is also a sign of recognition of Hungary’s economic policy, Minister for National Economy Mihály Varga said, following the official announcement of the decision.
Mihály Varga pointed out that the Government highly regarded the two loan agreements with a framework amount of HUF 30bn that Hungary has concluded with the EIB and the Council of Europe Development Bank (CEB) for the development of education infrastructure.
As the Minister noted, these facilities will assist the implementation of programmes for the building of school rooms and gyms, indoor swimming pools as well as the expansion of kindergartens.
The two banks, Mihály Varga added, have been assisting Hungary not only through providing loans, but also through providing expertise in economic development issues and the requesting and utilizing of EU funds.
The Budapest office of the EIB will support the group’s operations in Hungary, EIB President Werner Hoyer said. The EU’s investment bank has got a rich history of cooperation with Hungary: since the EIB began its operations in 1990, it has made loan commitments of altogether EUR 19.3bn in various fields. The new office enables the EIB to boost lending and enhance offers of technical and financial advice. Last year, the EIB concluded loan agreements totalling EUR 1.42bn to finance the realization of Hungarian investment projects. The opening of the Budapest office of the EIB Group is in line with the EIB’s expansion policy in the EU member states, he added.
After the signing ceremony, EIB Vice President László Baranyay stressed that a good education system is indispensable for the long-term development of a country, and through the contract the bank has signed the financing provided by the EIB helps improve education infrastructure and thus enhance the quality of education services and that, in turn, will contribute to the country’s social development.
CEB Governor Rolf Wenzel underlined that in the coming years the CEB would focus on the financing of fields such as improving energy efficiency and job creation.
(Ministry for National Economy)
