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Thu June 24 2021

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Hungary gets first tranche of €500m road funding

8 Mar 16 The European Investment Bank (EIB) is handing over to Hungary the first €140m (£108m) of a €500m approved loan to finance road upgrades.

The money will be used to finance modernisation of priority sections of Hungary’s road network in line with the Hungarian government’s national transport infrastructure development strategy.

László Baranyay, EIB vice-president responsible for lending in Central Europe, stated: “The EIB loan will support, together with the contribution from Hungary’s resources, investments in modernising the road network totalling an estimated €1.2 billion. The focus is on infrastructure as a crucial factor in improving Hungary’s accessibility and connectivity and thus enhancing the country’s competitiveness and the quality of life of its citizens by providing safer and more fluid transport, meeting the increased demand."

The EIB funding will support sub-projects ranging from the construction of new roads to the rehabilitation of existing roads. It will help to remove regional bottlenecks and improve links with the strategic transport corridors.

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