The European Investment Bank begins new mission in Hungary

The European Investment Bank (EIB) has begun a new mission in Hungary allowing it to boost its credit performance alongside its technical and financial advisory services. This development is predicted to bring Hungary and the EIB closer together as the mission supports Hungary's goals of boosting its domestic industry while working to enhance the country's economic growth further.

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The European Investment Bank (EIB) opened a mission in Hungary on Monday, welcomed by Hungarian Prime Minister Viktor Orban who said the bank was working towards Hungary's success.

Orban noted that Hungary's economic growth was faster than the EU average and would remain so on medium term.

Hungary, he said, was capable of doubling the rate of attaining full employment and of boosting domestic industry. Doing so, he added, will require investment and it was counting on EIB support.

But Hungary had to construct a financial system for the period when EIB funding went down, the prime minister said.

Hungarian National Economy Minister Mihaly Varga predicted that the relationship between Hungary and the EIB would become even closer with the new mission.

Varga said the 30 billion forints (108 million dollars) in credit received from the EIB and the Council of Europe Development Bank would be used to improve educational infrastructure.

EIB President Werner Hoyer said the new mission would allow the EIB to boost its performance on the credit front as well as its technical and financial advisory services.

Last year, he said, the EIB had signed credit agreements valued at 1.42 billion euros (15.9 billion U.S. dollars) in support of investments in Hungary. Endit