Hungarian Eximbank ready to increase funding for projects in Azerbaijan

Business Materials 6 July 2016 15:04 (UTC +04:00)

Baku, Azerbaijan, July 6

By Maksim Tsurkov – Trend:

Hungary is ready to increase funding for the projects in Azerbaijan through the state Eximbank in case of necessity, Imre Laslotsky, Hungarian extraordinary and plenipotentiary ambassador to Azerbaijan, told reporters in Baku July 6.

“Eximbank’s credit line worth $200 million was opened for these purposes within the framework agreement,” Laslotsky said.

"In case of necessity, the amount of funding can be increased,” he added. “Eximbank is operating under the auspices of the Hungarian foreign ministry.”

“Eximbank is a state-owned bank, therefore, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó, who visited Baku last week, has a final say,” the diplomat said. “Everything depends on whether we will find good projects for financing."

“The North-South Transport Corridor has a great chance,” Laslotsky added. "First, the Azerbaijani and Iranian sides will work on this issue,” he added. “High-level talks are expected to be held. In general, we hope that our funds will be used in the project implementation as we attach great importance to it."

Laslotsky recalled that Eximbank also plans to open a credit line worth $5 million to Azerbaijani PASHA Bank for lending to small and medium-sized enterprises.

"I do not know the terms of this project, but this is a real project,” he said. “Although the economy of the region and neighboring countries is experiencing hard times, there is always an opportunity for lending and we begin to use these opportunities."