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Hungarian electric company signs 100 mln euro-credit agreement with EIB

Hungarian electric company signs 100 mln euro-credit agreement with EIB

Hungarian state-owned electric giant MVM signed a 100 million euros (115 million U.S. dollars) international long-term credit agreement with the European Investment Bank (EIB) here on Thursday.

"The 15-year loan will be used to invest in the network of transmission system operator (TSO) MAVIR for the period between 2018 and 2020," MVM said in a statement. "The expansion of the interconnection between the electricity networks of Hungary and Slovakia is also among the projects to be financed with the credit line."

"The developments will not only improve the security of Hungary's transmission system, but will also have a positive impact on the regional network of Central and Eastern Europe," according to MVM leader Gyorgy Kobor.

MVM and the EIB had signed credit agreements earlier, in 2010 and in 2014, to finance upgrades of the transmission system and gas storage facilities with a value of almost 250 millions euros (287 million U.S. dollars).

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