EIB supports rural development in Hungary with €400 million
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. ■