“The government has decided on the launching of a new export funding and investment promotion program”, Minister of Foreign Affairs and Trade Péter Szijjártó said in a statement to Hungarian news agency MTI following Wednesday’s Cabinet meeting.
“The performance of the Hungarian economy is fundamentally determined by foreign market results, and in recent years Hungarian enterprises have done a lot to assure that they are successful on export markets”, the Minister explained. “We must now protect these achievements”, he added.
“To this end, the government has decided that Eximbank will be launching three new products. It will be offering a preferential loan opportunity towards investments on the part of Hungarian enterprises, as well as in the form of a working capital loan in such a way that the rate of interest for small business that take on the loan within a year will be just 0.1 percent. In addition, we are also launching a guarantee and insurance program that will enable Hungarian enterprises to maintain their commercial bank loans and protect against the negative effects of late payments from export markets”, he explained.
“In addition, the European Union has also enabled us to provide a maximum of 800 thousand euros in funding with practically no monitoring or excess analysis towards investments on the part of enterprises that have suffered losses as a result of the coronavirus epidemic”, Mr. Szijjártó highlighted. “Accordingly, we have also come to an investment promotion decision based on which we will be providing a maximum of 800 thousand euros in funding towards the investments of enterprises that operate in Hungary and realise exports” he said. “This funding may reach 50 percent of the total investment value”, he added.
(Ministry of Foreign Affairs and Trade/MTI)