Cooperation between the Hungarian Development Bank and Eximbank to promote the development of the SME sector

26 October 2018

A cooperation agreement has been signed between the Hungarian Development Bank (MFB) and Eximbank under which the two institutions will cooperate in providing efficient financing for the SME sector, supporting the regional expansion of Hungarian businesses and disseminating guarantee products. A working group of experts will be responsible for coordinating the available resources and assets.

As the two key members of the network of institutions charged with promoting economic development, MFB and Eximbank will establish a working group of experts as part of their cooperation. The purpose of the regular consultations is for the parties to review each other’s products and services and identify customer needs as they emerge. In the course of their joint efforts, the parties will make recommendations as to how to achieve the greatest benefit from business development through the various tasks coordinated by MFB and Eximbank.

In the context of their cooperation, the two institutions will focus on the effective coordination of lending and guarantee provision, as well as on promoting the regional, cross-border expansion of Hungarian businesses. MFB and Eximbank will also discuss the tools available to them for promoting international economic cooperation and the provision of professional support aimed at contributing to the creation of a local network of development banking institutions in other central and eastern European countries.

In the working group, MFB and Eximbank will also discuss, with the involvement of Garantiqa Hitelgarancia Zrt. (GHG), which state counter-guarantee products of GHG, which is a member of the MFB financial group, could be used for specific Eximbank credit programmes. The goal is to add additional guarantee products to the fundraising options in order to provide more efficient financing for the SME sector.

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