Central-European International Bank Ltd (CIB), has announced that the European Investment Bank (EIB) will grant it a EUR 50 million long-term line of credit.
Minister of Economy and Transportation Janos Koka said that Hungary will have access to HUF 1,500bn (EUR 5.92bn) in EU economic-development funding over the next few years, including HUF 200bn connected to the Jeremie programme, which is designed to provide support for SMEs.
The Hungarian construction industry is facing a steep downturn after the large boom of 2001-2005 created by the government housing loan subsidies, rapidly increasing real wages and the generous government spending on infrastructure projects.
Sentiment at Hungary's SMEs continued to improve in May, following a trend started in February, according to the latest measure of SME confidence by Ecostat.
The Hungarian Export Insurance Bank (Mehib) has been given the go-ahead to offer export insurance to small- and medium-sized enterprises (SMEs) with annual export revenue under 2m, CEO Tibor Szakacs said at a press conference.
According to the Economy Minister Janos Koka, the micro-credit scheme must be made more popular and more easily accessible as 80% of Hungarian businesses are managed without a loan, while in developed countries this rate is only 15%-20%.
