25 million EUR credit line offered by the Hungarian Export-Import Bank

Mongolian and Hungarian representatives meeting in Ulaanbaatar

During a meeting with Mayor of Ulaanbaatar S.Batbold, Deputy Mayor of Budapest in Charge of Finance Gabor Bagdi said that the Hungarian Export-Import Bank is offering 25 million EUR in loans to Mongolia for the implementation of several projects.

Mongolia is expected to use the loan line to fund a bus fabrication factory, building a floodgate on the Tuul River, ecosystem improvement, construction of a recreation center, and establishing a Smart Town under the Smart Ulaanbaatar Project.

During their meeting, the parties exchanged views on expanding cooperation between Ulaanbaatar and Budapest, and agreed to collaborate in several directions. Deputy Mayor Bagdi presented Mayor Batbold with a memorandum of understanding on cooperation between the two cities, which was signed last December.

Mayor Batbold wished the Hungarian delegation a nice stay in Ulaanbaatar. He said, “Last year, Mongolia and Hungary marked the 65th anniversary of diplomatic relations, and the opening of the Hungarian Embassy to Mongolia was vital to strengthening cooperation between our countries. Since 1957, many Mongolians have studied in Hungary. Continuing this tradition, we are happy to increase the number of Mongolian students studying in Hungary on government scholarships. This will also help to expand cooperation between the two cities.”

During Hungarian Prime Minister Viktor Orban’s visit to Mongolia in 2015, the Ulaanbaatar Water Supply and Sewage Authority and a company headquartered in Budapest established negotiations to cooperate in improving pure water distribution and renovating pipelines, which are continuing today.