EU Energy Policy

EIB lends €100 bln to overhaul Hungarian power grid

The European Investment Bank will lend Hungarian power and gas company Magyar Villamos Muvek €100 million to modernise its power transmission network
By Staff reporter 5 October 2018 0 32802

The European Investment Bank will lend Hungarian power and gas company Magyar Villamos Muvek €100 million ($115 million) to modernise its power transmission network and increase its interconnection capacity with Slovakia, the European Commission said on Friday.

The loan is being guaranteed by the European Fund for Strategic Investments (EFSI) – the so-called Juncker Plan. This is the first direct EFSI corporate loan in Hungary, the commission noted.