CDB provides EUR 20 million loan for Electric Bus Factory Construction Project

Project narrative

In October 2016, CDB announced that it would provide an EUR 20 million ($22.2 million) loan to BYD Electronic Company Limited (a Chinese bus manufacturer) for an Electric Bus Factory Construction Project. The purpose of the project was to develop an electric bus factory (bus assembly plant) in the Hungarian city of Komárom. Upon completion, the plant was expected to initially create 32 jobs and eventually create 300 jobs (based on Hungary's engineering excellence and competitive labor costs). Upon completion, the plant was also expected to initially produce 200 buses per year and eventually produce 400 buses per year. The plant was ultimately opened and put into use on or around April 5, 2017.