Hungarian subsidiaries of Euler Hermes, a big provider of credit insurance and manager of trade receivables, expects to end the year with revenue from premiums of HUF 2bn, up from HUF 1.7bn in 2003, Gabor Varga, a member of the board of directors
A new venture capital fund, called Novum Hungary Growth Fund, will start operation in the end of the first quarter of 2005, the BBJ learned. The fund will manage Ђ20m and fundraising is in progress, said Jozsef Kover, director of the new fund.
The Council of Europe Development Bank (CEB) is providing a Ђ100 m loan facility for Hungary's largest commercial bank OTP, of which OTP drew down 50 per cent (CHF 76.5 m) last week with a maturity of ten years and variable interest rates.
There were 35 venture capital transactions in Hungary during the first 11 months of the year, up from 25 during the whole of 2003.
The government is launching three new loan programs in the total amount of HUF 80 billion (US$420m) to assist investments in the municipal and SME sectors, economy and transport minister Janos Koka announced after Wednesday's cabinet meeting.
Inter-Europa Bank will take out a Ђ25m loan from parent bank SanPaolo IMI SpA under a recently signed agreement to finance SME projects, the Hungarian bank announced.
Matthias Kunsch, managing director of HVB Bank Hungary announced that, contrary to earlier plans, HVB did not set up a separate company to facilitate early entry to the factoring market, but concluded a deal to buy the shares of Korona Faktor.
Finance minister Tibor Draskovics welcomed the Monetary Council's 50 basis point rate cut on Monday, citing it as a sign that Hungary's economy is improving.
The Act on the Hungarian Export-Import Bank and the Hungarian Export Credit Insurance Company (Act XLII of 1994) established the Hungarian Export-Import Bank (Eximbank) and the Hungarian Export Credit Insurance Company (Mehib).
While continuing to perceive improving trends in the domestic and global economy, large Hungarian firms have somewhat tempered their optimism over the past month, according to the latest confidence report by research institute Ecostat.
