The latter’s export stimulus credit scheme is a new growth engine for Hungary’s economy and a high number of Hungary’s banks have already signed up, he added. The growth of the Hungarian economy is supported by stable public finances, expanding domestic demand and increasing European Union resources accessible to Hungarian companies, Cséfalvay said.

After 1,200 billion forints (EUR 3.9bn) worth of EU funding for Hungarian businesses in 2012, some 1,500 billion forints was available last year and 2,000 billion forints is expected this year, he added. Hungary’s current account and foreign trade account are in the black, with significant surplus since 2010, greatly aiding the country’s economic growth, he said.

Eximbank’s chief, Roland Nátrán, said the current allocation for the export stimulus credit scheme of 750 million euros, a fast-growing resource for Hungarian exporters, is being expanded.

Eximbank currently relies on 21 banking partners and the allocation has no upper limit, he added. Eximbank plans to grant loans to a total of 280-300 billion forints this year, around two-thirds of which is planned to go to small and mediumsized companies, Nátrán said.

Source www.hungarymatters.hu

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