Hungary signs 400 million euros EIB loan for rural development

Economy Minister Mihály Varga has signed an agreement with the European Investment Bank on a credit line of 400 million euros for rural development projects.

The funds will contribute to the production of higher value-added goods and the development of businesses in farming, forestry, and food processing through financing projects in Hungary’s state-assisted Rural Development Programme, Varga said.

EIB vice-president Vazil Hudak said the bank sought to support traditional economic sectors and help preserve jobs, reduce geographic differences and improve living standards.

Source: MTI