Tag: The World Bank

Hungarian economy minister sees growing opportunities for Hungarian firms in Asia

More and more Hungarian companies will be doing business in Asia, Finance Minister Mihály Varga said on Friday in Bali on the sidelines of an IMF and World Bank annual meeting. After talks with Danny Alexander, head of the Asian Infrastructure Investment Bank, Varga said Hungary will receive direct access to new projects through the bank, enabling Hungarian companies to appear on Asian markets. The bank, which Hungary joined last year, provides cheap financing for projects in Asia worth a combined 1,000 billion dollars, the minister noted. Hungarian firms with a background in water management are most likely to assume ... Read more

World Bank raises Hungary GDP forecasts

#TheWorldBank raised its forecasts for #Hungary's #GDP growth in 2018-2020

Áder invited to next Paris climate summit

János Áder, Antonio Guterres, Jim Yong Kim and Emmanuel Macron will all be present at the Paris climate summit

Water crisis may lead to war, says Hungarian President in NY

Hungarian President met with #UN Secretary General Antonio Guterres and #World #Bank head Jim Yong Kim

World Bank: Hungary business environments competitive with rest of EU

The #World #Bank study surveyed seven Hungarian cities: Budapest, Debrecen, Győr, Miskolc, Pécs, Szeged and Székesfehérvár - #theworldbank

World Bank forecasts Hungarian GDP to grow 2.6 pc in 2017

Budapest, January 11 (MTI) – Hungarian economic output is expected to grow by 2.6 percent this year, the World Bank Group has said, upping its forecast of 2.4 percent made in June 2016. In its Global Economic Prospects report, the World Bank said a recovery in public investments, including the infrastructure projects financed by EU funds, would aid growth, which could accelerate to 2.8 percent in 2018 before easing to 2.7 percent the following year. The 2018 projection was revised up by 0.5 percentage points. In 2016, Hungary’s output is likely to have grown by 2.1 percent, the bank said. ... Read more

ICSID obliges Hungary to pay damages to French voucher company

 The World Bank’s International Center for Settlement of Investment Disputes (ICSID) has ordered the Hungarian state to pay the French voucher company Edenred an award of approximately 23 million euros, globenewswire.com reported, citing a statement by the French firm. Edenred and two other French voucher companies sought compensation from Hungary at ICSID in 2013 for the restructuring of the country’s voucher system. Hungary introduced a unified national voucher system in 2012, in effect squeezing out existing market players. According to Edenred’s statement, the decision represents an important step in the process of solving the dispute. What we know about Edenred ... Read more

Surprising data – the amount of money sent home by immigrants

According to napi.hu, a surprisingly large amount of money was sent back home by immigrants, even from Hungary. Here is every detailed information including some surprising statistics. Interactive map is included. According to the United Nations data, there were 244 million people living in the world in 2015 who left their homeland to try their luck elsewhere. The number of these people is significantly growing; there were only 150 million registered people like this in 1990, and a 41% increase has occured since the 2000s. While the degree of foreigners in the total population used to be only 2.8% worldwide, it increased ... Read more

President Áder: Water Panel commits to doubling investments by 2021

Budapest (MTI) – The development banks party to the High Level Panel on Water (HLPW) have made a pledge to double the amount to be spent on water-related investments in the next five years, Hungary’s President János Áder said. “We have taken a step forward, thank God,” Áder said after the meeting, held on the sidelines of the Budapest Water Summit 2016. The participants were also in agreement that if nothing changes in the next 15-20 years, a water crisis may emerge in the world, which must be prevented, Ader told a press conference after a meeting of the Panel ... Read more

Water Summit in Budapest – Economy minister meets leaders of world orgs

Budapest (MTI) – Economy Minister Mihály Varga met senior officials of several global organisations and institutions on the sidelines of the Budapest World Water Summit, which opened on Monday. The minister held talks with Joaquim Levy, Managing Director of the World Bank, Nikolai Kosov, Board Chairman of the International Investment Bank (IIB), and Taizo Nishikawa, Deputy Director-General of UNIDO. As a country with deep expertise in water management and rich water resources, Hungary can play an active and global role in cooperating with countries with a stake in sustainable development, Varga said after talks with Levy. The minister highlighted several ... Read more

President Áder: Sea change needed on water management

Budapest, November 25 (MTI) – At the upcoming global meeting in Budapest on water conservation and management, a transformation in attitudes is needed to match the outcome of the Paris climate summit tackling climate change, President János Áder said in an interview to public radio on Friday. At next week’s world summit, 2,000 officials representing 111 countries will be present, of which 35 will be prime ministers or ministers, the president said. In addition, nine development banks and two big global organisations, the UN and World Bank, will also attend the three-day meeting, he added. Ever since the Paris conference, ... Read more

Áder warns of impending water crisis at FT Water Summit

London, October 12 (MTI) – The world has at most a few decades to prevent a global water crisis, President János Áder said at the Financial Times Water Summit in London on Wednesday. Citing estimates from the World Bank and the World Water Council, Áder said that the world has no more than 20 years to prevent a global water crisis. This task will require an annual 600 billion dollars of investments, he added. Áder also cited a recent study compiled by a Dutch university according to which two thirds of the world’s population, or some four billion people, have ... Read more

UN, World Bank chiefs ask Áder to serve on Panel on Water

Budapest, February 13 (MTI) – The UN’s secretary general and the president of the World Bank have jointly invited President János Áder to serve as member of the Panel on Water the two organisations have convened. Csaba Kőrösi, directorate chief at the president’s office, told a press conference on Saturday that Ader accepted the request. The panel is planned to be formally set up for a two-year term in April in New York and will be composed of 11 heads of state and government and two special advisors, Kőrösi said. The panel will promote sustainable management of water on a ... Read more

Hungary jumps more than 10 places in World Bank’s ease of doing business ranking

Budapest, October 28 (MTI) – Hungary moved up by more than ten places to 42nd out of 189 countries in the World Bank’s 2016 Doing Business ranking, the economy ministry said on Wednesday. The World Bank introduced a number of changes to the methodology used to compile the report, which allowed Hungary to improve to 42nd from its 2015 ranking of 54th place. The economy ministry said the new methodology gave a far more accurate picture of Hungary’s increased competitiveness and economic growth than the old one. The ministry said that the old methodology was criticised by numerous countries, including ... Read more

Economy minister Varga: World Bank loan programmes could contribute to managing migrant crisis

Budapest, October 12 (MTI) – The World Bank could contribute to the handling of the migrant crisis through its loan and development programmes, Economy Minister Mihály Varga told public Kossuth Radio on Monday. Varga said the migrant crisis dominated discussions at last weekend’s annual meeting of the International Monetary Fund and the World Bank, with the conclusion being that the bank could launch loan programmes that provide local jobs and income to people considering setting off for Europe. The bank’s programmes should also be used to create peaceful conditions in the Middle East and Sub-Saharan Africa, so migrants can eventually ... Read more