The loan, provided by the China Development Bank, the Export-Import Bank of China and the Hungarian branch of the Bank of China, was drawn in full on April 19 and must be repaid within three years
Hungary borrows €1bn – Budapest’s biggest loan ever – from three Chinese banks this spring, they revealed data from the government debt agency’s website, Politico reports.
The loan, granted by China Development Bank, the Export-Import Bank of China and its Hungarian branch Bank of Chinawas taken in full on April 19 and must be repaid within three years.
Budapest itself did not announce the deal. It was first reported on Thursday by Hungarian business publication Portfolio, and then confirmed by the government agency.
The big loan comes as Budapest deepens its ties with Beijing. Chinese companies such as electric car maker BYD or tech giant Huawei have so far invested a total of around 16 billion euros in the country, according to Hungarian Foreign Minister Péter Szijjártó.
Source :Skai
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