- EIB Group financing in Hungary totalled €314 million last year, with major investments to improve rail services, deliver power for local manufacturers and support small and medium enterprises
- Latest annual figures bring total EIB Group investments in Hungary to more than €25 billion since 1991
The European Investment Bank (EIB) Group’s new financing in Hungary last year amounted to €314 million, supporting projects to improve rail services, meet electricity demands from major local manufacturers and support small and medium enterprises (SME). This includes financing from both members of the EIB Group – the EIB and the European Investment Fund (EIF).
“Our 2024 results are good news for Hungary and the EU,” said EIB Vice-President Teresa Czerwinska. “They are a testament to our ability to support national and EU priorities and ensure our citizens and businesses can thrive, contribute towards a globally competitive, sustainable and green future and ensure equal opportunities and a higher quality of living. With more than €25 billion invested in the country since 1991, the EIB Group has established itself as one of the most reliable sources of financial and advisory support for Hungary. We are ready to pursue this role in the years ahead.”
Modern rail and power networks
The biggest operation in Hungary to receive EIB Group funding last year was a €160 million EIB loan to regional railway operator GYSEV to improve network infrastructure and replace old diesel-powered trains with new electric ones. The loan will significantly improve the reliability of train connections between Hungary and Austria. The credit will also accelerate modernisation of the national rail network – a development priority for Hungary. In addition, the financing will boost economic activities in cohesion regions in western Hungary, reduce travel times and increase comfort for hundreds of thousands of rail commuters annually and cut air pollution.
The EIB Group also provided a €90 million EIB financing to Hungary to support investments undertaken by the energy companies E.ON and MAVIR to expand power grids to meet the electricity needs of key industrial sites, including ones that will boost the European Union’s ability to produce electric vehicles strengthening the EU’s strategic autonomy in this area. The investment boosts economic activity in cohesion regions in Hungary.
Some €64 million in EIB Group financing supported Hungarian small and medium-sized enterprises and Mid-Caps, the backbone of the national economy and a major source of employment for Hungarians.
EIB Group Results
For more details on EIB group results please visit EIB Group press conference on annual results
