A memorandum of understanding was signed between the Hungarian Development Bank and the Industrial Bank of Korea

The Hungarian Development Bank (MFB) and the Industrial Bank of Korea (IBK) have signed a cooperation agreement with the aim of promoting the development of joint financing programs, knowledge sharing, and cooperation in support of small and medium-sized enterprises.

As Hungary's leading state-owned credit institution specializing in SMEs, the Hungarian Development Bank contributes significantly to the growth of the national economy by providing loans, investments, and credit guarantees. The Industrial Bank of Korea, also state-owned, focuses specifically on supporting early-stage small and medium-sized enterprises. The Industrial Bank of Korea is actively and continuously expanding its European cooperation network, and its agreement with MFB could be one of the pillars of its expansion in Central and Eastern Europe.

Hyung Il Kim, Deputy CEO of IBK, said: "This cooperation plays a key role in expanding the activities of Korean and Hungarian companies into global markets. IBK continues to strengthen its international cooperation with the world's leading financial institutions to facilitate the overseas expansion of Korean companies."

Zsámboki Zoltán, Deputy CEO of MFB, said: "It is extremely important for MFB to expand its international relations, share professional experience, and adopt best practices from foreign partners. Our primary goal is to secure, by all possible means, the missing resources that are vital for the development of small businesses and which they cannot necessarily obtain from the market."