Hungarian foreign minister meets International Investment Bank head

Hungarian Foreign Minister Péter Szijjártó on Tuesday held talks with the head of the International Investment Bank (IIB) in Budapest, the foreign ministry said.

As the bank’s third largest shareholder, Hungary welcomes the significant rise in the bank’s investments and loan portfolio and that it has started financing investments in Hungary and the export activities of Hungarian firms, the ministry said in a statement.

The statement said that the bank’s surety insurance has given Hungary a strong chance of boosting its drug exports to Russia. Further, the IIB is financing the construction of a poultry processing plant in Kiskunhalas, in southern Hungary, the statement noted.

The IIB is cooperating in the financing of the largest Hungarian companies, improving their international competitiveness, the ministry added.

Founded in 1970, the Moscow-based IIB grants medium and long-term loans for development projects.

Featured image: MTI

Source: MTI