Economy
OTP to receive EUR 50 million for export credit from Hungary's Eximbank
The aim of the agreement is for Eximbank to assist Hungarian exporters and their partners in Russia, Slovakia, Romania, Bulgaria, Serbia, Croatia and Montenegro with preferential-rate credit available via OTP Bank and its local subsidiaries. OTP Group will extend fixed Commercial Interest Reference Rate (CIRR) finance to the local partners and buyers of Hungarian exporters of goods or equipment.
The agreement allocates each local OTP subsidiary a limit based on expected demand within which they can extend financing with 2 to 5 year maturity to clients. Depending on Hungarian exporters' requirements, the limit can be raised, and the lenders are also open to finance major projects with loan contracts tailored to the borrower's individual needs.
As part of the government's "opening to the East" policy, Eximbank is seeking cooperation with lenders in Hungary, as well as with partners in neighboring countries and in the Balkans, in order to ensure Hungarian companies have financing available to support exports to the region. In cooperation with state-run export credit insurance company MEHIB, Eximbank's mission is to support the government's foreign trade strategy.
The agreement allocates each local OTP subsidiary a limit based on expected demand within which they can extend financing with 2 to 5 year maturity to clients. Depending on Hungarian exporters' requirements, the limit can be raised, and the lenders are also open to finance major projects with loan contracts tailored to the borrower's individual needs.
As part of the government's "opening to the East" policy, Eximbank is seeking cooperation with lenders in Hungary, as well as with partners in neighboring countries and in the Balkans, in order to ensure Hungarian companies have financing available to support exports to the region. In cooperation with state-run export credit insurance company MEHIB, Eximbank's mission is to support the government's foreign trade strategy.
