Hungary recently secured a €1 billion loan from three Chinese banks to fund investments in infrastructure and the energy sector. The loan, although not publicly announced by Budapest, was disclosed on the debt agency website and confirmed by Hungarian news outlet Portfolio.
The loan, obtained from the China Development Bank, the Export-Import Bank of China, and the Hungarian branch of the Bank of China, must be repaid within three years. The funds are designated for projects in high technology, infrastructure construction, transport infrastructure, and energy.
Political tensions with the EU have led Hungary to seek financial support from Beijing, resulting in increased economic ties between the two countries. Chinese investments in Hungary, such as the upcoming BYD electric vehicle factory, showcase the growing cooperation. Prime Minister Viktor Orban’s diplomatic efforts to bridge EU-China relations have further deepened bilateral collaboration.
Orban’s recent meetings with Chinese President Xi Jinping and his involvement in China’s Belt and Road projects highlight Hungary’s strategic alignment with Beijing. Despite EU reservations, Hungary remains committed to fostering a strong partnership with China.
\
[ad_2]
Source link