POST Online Media Lite Edition


EIB supports rural development in Hungary with €400 million

Staff Writer |
The European Investment Bank (EIB) is lending €400 million to Hungary to co-finance priority projects fostering rural development that receive support from the European Agricultural Fund for Rural Development within the programming period 2014-2020.

Article continues below

Vazil Hudák, EIB Vice-President commented: “The EIB’s loan will co-finance projects with a total value of €4 billion. This will help safeguard and create jobs in rural areas in the agri-food production and processing sectors, forestry and rural tourism and service provision.

EIB funding will support investments in physical assets at the farm and downstream processing and distribution levels that aim to enhance competitiveness, add value to primary producing and promote environmentally-sound production.

The loan will also support the forestry sector and rural infrastructure development investments.

The EU bank has a long history of very fruitful cooperation with Hungary. For example, in 2015 the EIB provided loans totalling €1.0 billion in co-financing with EU funds to support projects with total costs of €23.7 billion, helping to increase the capacity to absorb EU grants in Hungary.

What to read next

EU Commission supports Estonian rural life with 993 million euros
Hungary to get 1.9 billion euros more for agriculture
Myanmar to receive $400 million from World Bank for rural communities