Large Credit of Hungarian ExImBank for Azerbaijan to Be Directed Primarily to North-South Project

The credit line of $ 200 million allocated by the Hungarian ExImBank Plc can "grow" and be aimed at the implementation of the international railway project North-South that would connect Northern Europe to South-East Asia through Azerbaijan and Iran.

As stated the Ambassador of Hungary to Azerbaijan Imre Laslotski said, positive point is the bank's dependence not from the European Commission bodies, but directly from the Ministry of Foreign Affairs of Hungary, because the final word is for Minister Peter Siyarto, who last week visited Baku within the framework of the intergovernmental commission on economic cooperation.

"The Hungarian side considers the project very promising," the diplomat said, adding that the bank intends to open a credit line to the local JSC Pasha Bank in the amount of $ 5 million for lending to small and medium enterprises.

Recall, on 27 June, Minister of Foreign Affairs and Trade of Hungary, Peter Siyarto said in Baku that the parties reached a consensus on the allocation of a credit line for the purchase of equipment and the provision of engineering services in the framework of North-South with a condition of participation of Hungarian companies in the project. --17D-