EBRD reaffirms commitment to Hungary
Bank adopts new strategy for the country
London, United Kingdom – The EBRD has adopted a new strategy for Hungary in which it reaffirms its commitment to the country and sets out its priorities for the next three years.
In its operations the EBRD will focus on the following:
• Support the involvement of the private sector in the provision of public services, including through public-private partnerships in infrastructure and in cooperation with EU funds.
• Promote investments in the diversification of energy supply, in energy efficiency and renewable energy to enhance energy security, reduce energy intensity and meet environmental targets.
• Provide higher-risk products such as equity and structured debt for local corporations to fund their growth. Particular attention will be paid to local companies’ investments in the context of cross-border expansion.
• Participate in the introduction of new capital market products by financial institutions and support innovative products/financial institutions that provide financing for small and medium-sized enterprises.
The EBRD signed its first project in September 1991, only four months after it had been set up. Over the years the Bank and Hungary developed a close relationship and to-date the EBRD has invested more than €1.8 billion in the country.
The focus of activities traditionally was on corporations, financial institutions and infrastructure and this is reinforced by the latest strategy, now available on www.ebrd.com Hungary, which became member of the European Union, is expected to graduate from the EBRD by the end of 2010.