EIB supports human capital development and scientific research in Hungary

The European Investment Bank (EIB) is granting some EUR 560 million of new funding to the Hungarian State:

• A EUR 400 million loan to co-finance priority projects in the area of human capital development and
• A HUF 45 500 million (EUR 160 million) loan to support research activities carried out by the Hungarian Academy of Sciences

10-12-2012 — /europawire.eu/ — Mr Wilhelm Molterer, EIB Vice-President responsible for lending in Hungary, stated: “Under present circumstances, Hungary is in great need of investment contributing to economic development and fostering economic growth. Great emphasis has to be given to the improved competitiveness of the economy, better functioning of the labour market and stronger innovation capacity of the production sector. In that respect each of the EIB’s new loans to the State will highly contribute to improvement of human capital skills and quality and will raise  the ability of the Hungarian economy to face today’s challenges. The loans will support initiatives and projects adapting the Hungary’s human resources to evolving local and external conditions, as well as providing high standards for their future development.”

The loan of EUR 400 million will co-finance with EU grants priority projects included in the Hungarian National Strategic Reference Framework 2007-2013. The main focus will be on education activities and health care services. The loan will foster policy reform, lifelong learning, social inclusion and employment. In addition, it will provide for infrastructure required for improvement and changes in both sectors.

The loan of HUF 45 500 million will support intangible investments linked to the research activities of the Hungarian Academy of Sciences in the period 2012-2014. EIB funds will also finance the Hungarian Scientific Research Fund and a Library and Digital Information Centre.