Hungary, China Banks Double Credit Line, Sign To Set Up C-Europe Fund

  • 26 Nov 2013 3:00 AM
Hungary, China Banks Double Credit Line, Sign To Set Up C-Europe Fund
The Hungarian and the Chinese Eximbanks agreed to double a 100-million-euro interbank credit line and signed the deeds to set up a 500-million-dollar investment fund, the Chinese Central and Eastern European Investment Fund, a government press office said.

Hungary will contribute 30 million dollars to the Fund and could channel capital investments worth almost 100 million dollars to Hungary as part of the agreement, the press office said.

The Fund plans substantial investments in sectors such as telecommunication, energy, infrastructure development and manufacturing. Talks are under way on Poland, Romania as well as some international financial institutions joining the Fund in the future.

The agreement to double the alreadydepleted interbank credit line opened in February to 200 million euros will allow Hungarian SMEs exporting to China and Chinese-owned companies operating in Hungary to access preferential export financing.


Source www.hungarymatters.hu

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MTI photo: Koszticsák Szilárd

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