Key facts
- EIB sees scope for expanded lending to Hungary.
- EU funds for Hungary were recently unlocked.
- Prime Minister Peter Magyar was instrumental in unlocking the funds.
- The EIB is a major lender to Hungary.
The European Investment Bank (EIB) anticipates a significant expansion of its lending activities in Hungary, following the recent unlocking of frozen EU funds. A senior EIB official indicated that newly elected Prime Minister Peter Magyar's success in convincing the European Union to release these funds creates favorable conditions for increased EIB engagement. Hungary is currently implementing anti-corruption reforms, including legislation to be submitted to parliament, to meet EU requirements. These reforms aim to improve transparency in public life and bolster the powers of the Integrity Authority. The country seeks access to up to 10 billion euros from the EU's pandemic recovery fund, with specific allocations planned for infrastructure, education, and development banks. The release of 16.4 billion euros in EU funding last month marked a significant step after a shift in Hungary's political stance. The EIB's potential increased lending could further support Hungary's economic development and integration with the EU.