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The project will provide financing for energy efficiency, renewable energy and other eligible green investments through the loan programmes of Magyar Export-Import Bank Zrt. (HU Eximbank). The operation is 100% CA&ES.
The EIB's funding will be used to finance eligible green investments mainly of SMEs but potentially also of mid-caps and other corporates or public sector entities.
The operation primarily seeks to improve access to finance constraints faced by SMEs and Midcaps undertaking renewable energy and energy efficiency investments. The renewable energy and energy efficiency projects will bring positive externalities, through reduced carbon emissions, improving also energy security. The project is aligned with the EU and national target on RE and EE, REPowerEU Action Plan and the Hungarian National Energy Action Plan up to 2030. The operation is 100% CAES dedicated.
The Financial Intermediary has developed a dedicated programme (HU EximBank Green Financing Framework) to support financing green projects, such as renewable energy and energy efficiency interventions, for SME and Midcaps and to a lesser extent Large Corporates. It addresses the constrained access to finance for SMEs/Midcaps.
The Intermediary has demonstrated good general understanding of the Bank's eligibility criteria also thanks to a technical assistance support received as part of the EIB Green Gateway Advisory programme during the last operation with the FI with a Climate Action and Environmental Sustainability (CAES) window. The intermediary is financially sound and has sufficient track record of implementing EIB products and allocating/monitoring.
The operation enhances access to finance for final beneficiaries and improves financing conditions for them through a long tenor that facilitates the implementation of the Borrower's strategy in terms of green financing and the Bank's participation can signal toward the market that the green strategy of borrower is sound.
EIB participation will contribute to the diversification of the borrower's financing base in terms of maturity, while interest rate conversion and fixing possibilities are also unique compared to other financing sources.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.