Land Management Fund Signs Cooperation Agreement With Banks
- 24 Dec 2015 8:00 AM
The National Land Management Fund (NFA) said it signed a cooperation agreement with eight commercial banks on providing preferential loans for farmland purchases to farmers who bought lands at auctions. Raiffeisen Bank, Unicredit Bank Hungary, Erste Bank Hungary, FHB Kereskedelmi Bank, Oberbank AG, Granit Bank, Budapest Bank and Magyar Takarékszövetkezeti Bank signed an agreement with NFA.
According to the fund other commercial banks have expressed interest as well and NFA could sign an agreement with them in January if demand still persists.
Auctions are under way in 19 counties to sell 380,000 hectares of state-owned land to farmers. Only local farmers may bid in the auctions.
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