EIB supports upgrading of energy sector infrastructure in Hungary

Budapest, December 12 (MTI) – The European Investment Bank (EIB) is lending 100 million euros to state energy company MVM to finance the implementation of its investment programme for the period 2013-2018, EIB and MVM said in a statement on Friday.

The EIB loan will facilitate the reinforcement and extension of the Hungarian electricity transmission network and reconstruction of underground gas storage facilities.

This is the second long-term financing agreement of EIB with MVM, after one has been signed in 2010 with a framework of 150 million euros.

EIB and Hungary also signed two other loan agreements on Friday worth a combined 218 million euros, to be spent on Hungary’s railway infrastructure development and a laser research project.

The EIB channeled 755 million euros to Hungary last year, and a total of 7.4 billion between 2009 and 2013.

Photo: MTI

Source: http://mtva.hu/hu/hungary-matters