Wednesday 1 July 2015

EU bank to support energy projects in Hungary

The European Investment Bank (EIB) is lending €500 million (£354m) to Hungary for projects in the areas of transport, energy and the environment.

It is the first tranche of an approved loan of €1 billion (£0.7bn) to co-finance projects including flood prevention, waste, energy efficiency, renewal and distribution.

The EIB funds will support investments in water, including flood prevention, waste, energy efficiency, renewal and distribution.

Mr László Baranyay, EIB Vice President said: “The EIB’s loan will co-finance priority projects with a total value of some €9 billion (£6.4bn).

"It will help to implement investments that are important for accelerating the EU convergence process and allowing Hungary to meet national strategic objectives in the areas of growth and employment, climate change and energy independence, all of which are key to achieving an increase in Hungary’s economic competitiveness and improving the quality of life of its citizens.”