Overview

China Eximbank provides EUR 200 million loan to Hungarian Export-Import Bank for on-lending to SMEs in 2014 (Linked to Record ID#91756)

Commitments (Constant USD, 2023)$272,127,107

Commitment Year•2014Country of Activity•HungaryDirect Recipient Country of Incorporation•HungarySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2014

Geospatial footprint

Map overview

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China Eximbank provided a loan for on-lending purposes to Magyar Export-Import Bank, which is headquartered in Budapest, Hungary. The HQ address is 1065 Budapest, Nagymezo˝ ut 46-48. More detailed locational information can be found at: https://www.openstreetmap.org/relation/2682367

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned Banks

Magyar Export-Import Bank (Hungarian Export-Import Bank)

Loan description

China Eximbank provides EUR 200 million loan to Hungarian Export-Import Bank for on-lending to SMEs in 2014

Interest type•Unknown

Narrative

Full Description

Project narrative

In February 2013, China Eximbank and Magyar Export-Import Bank (Hungarian Export-Import Bank) signed an EUR 100 million interbank framework agreement for on-lending purposes to small and medium-sized enterprises to support their Chinese export ventures. Then, on June 30, 2013, Magyar Export-Import Bank (Hungarian Export-Import Bank) concluded a EUR 100 million loan agreement with China Eximbank, which effectively represented utilization of the full line of credit provided through the EUR 100 million interbank framework agreement (see linked Record ID#91756). This EUR 100 million loan was fully disbursed (drawn down) by September 2013. Then, in November 2013, China Eximbank agreed to increase the available line of credit through its interbank framework agreement with Hungarian Export-Import Bank from EUR 100 million to EUR 200 million. In 2014, China Eximbank agreed to further increase the available credit under the interbank framework agreement from EUR 200 million to EUR 300 million. Later in 2014, Magyar Export-Import Bank (Hungarian Export-Import Bank) concluded a EUR 200 million loan agreement with China Eximbank, which effectively represented utilization of the additional EUR 200 million line of credit provided through the amended interbank framework agreement.