State-owned energy company MVM has signed a 100 million euro, 15-year credit facility with the International Investment Bank (IIB) to finance the modernisation and development of Hungary’s natural gas energy infrastructure. The IIB will disburse the loan in forints. The credit facility will be available for the renewal of the 29,158km pipeline network of MVM’s gas distribution system operators, for service quality improvements as well as well for the installation of smart meters, introducing Metering Data Management systems and implementing smart city projects, IIB said.
Last week, MVM signed a 120 million euro loan with the European Investment Bank (EIB) to upgrade and expand its power network in south-east Hungary.
IIB, which moved its headquarters to Budapest from Moscow in 2019, said the loan is the largest one disbursed in its recent history.