EBRD SUPPORT FOR HUNGARY SPELLED OUT

By The Financial District
Mar 13, 2021
2 min read

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has adopted a new country strategy for Hungary that sets out the framework for the Bank’s work in the country for the period 2021-26.

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The document identifies the EBRD’s priorities as an investor and a partner in policy engagement in Hungary during the years ahead. The Bank will pursue support for productivity improvements, through innovative financing and green investments as strategic priorities.

Also, it will provide temporary support, as needed, for the country’s recovery from the coronavirus pandemic. The crisis interrupted a period of strong growth, with significant inward investment and private sector growth, and plunged the economy into recession in the second quarter of 2020.

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The Bank expects Hungary to return to growth in 2021 and will be available to support efforts to further increase productivity, improve resource allocation, and leverage EU funding, especially linked to the post-COVID-19 recovery. The EBRD will also engage in co-financing with international financial institutions and the private sector.

The Bank will continue to focus on developing capital markets and on opportunities to deploy equity and innovative investment products and, where appropriate, will seek to address inclusion and governance issues. There will be a clear focus on supporting projects in the areas of resource and energy efficiency, decarbonization and renewable energy.

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The EBRD will continue to pursue cooperation with the authorities, including with the Ministry of Innovation and Technology on energy efficiency and with the National Bank of Hungary on green bonds and other green financial products, to identify projects of mutual interest.

The implementation of the strategy will be reviewed in 2023.

The EBRD has been active in Hungary since the Bank was established in 1991 and to date has invested almost €3 billion there through 190 projects.

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