Budapest, May 15 (MTI) – Economy Minister Mihály Varga signed a cooperation agreement with the heads of Industrial and Commercial Bank of China involving its 10 billion euro China-Central and Eastern European Fund in Beijing on Saturday, the ministry said on Monday.
The fund targets infrastructure investments, manufacturing upgrades, mass market consumer goods and mergers and acquisitions. The cooperation agreement confirms Hungary’s openness to cooperating with the fund, Varga said.
The minister is in Beijing for the One Belt, One Road Forum. On Sunday, he joined a number of finance ministers from Europe and Asia as well as Chinese banking leaders for a panel discussion on financing.
He also spoke at the signing of a contract between the Shanghai Gold Exchange and the Budapest Stock Exchange on establishing a gold trading platform in Hungary, and he met with the chairman of the Asian Infrastructure Investment Bank.
Hungary, China development banks sign international credit agreement
The state-owned Hungarian Development Bank (MFB) has signed an international lending agreement with the China Development Bank (CDB), MFB said on Monday.
The agreement was signed on the occasion of the One Belt One Road Forum in Beijing on Saturday.
It will allow MFB to lend 79 million euros to Hungarian chemicals company BorsodChem, owned by China’s Wanhua group, for environmental investments, and CDB to refinance the loan.