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Signature(s)

Amount
€ 40,000,000
Countries
Sector(s)
Hungary : € 40,000,000
Credit lines : € 40,000,000
Signature date(s)
14/12/2023 : € 40,000,000
Link to source
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Summary sheet

Release date
27 March 2023
Status
Reference
Signed | 14/12/2023
20210792
Project name
Promoter - financial intermediary
SGEF HU LOAN FOR SMES AND MIDCAPS II
SG ESZKOEZFINANSZIROZAS MAGYARORSZAG ZRT,SG ESZKOEZLIZING MAGYARORSZAG KFT
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 150 million
not applicable
Location
Sector(s)
Description
Objectives

The operation consists of a dedicated loan to finance projects carried out by small and medium sized enterprises (SMEs) and Midcaps mainly based in Hungary. A 30% of total amount will be focusing on Climate Action and Environmental Sustainability projects.

The aim is to enhance access to finance for SMEs and Midcaps mainly operating in the industry and services sector.

Additionality and Impact

The proposed operation supports the financing of small and medium scale projects undertaken by SMEs and Mid-Caps in Hungary. As such, it falls under the scope of EU objectives through its contribution to job creation and to increased competitiveness and productivity of SMEs and Mid-Caps. Moreover, at least 30% of the resulting investments are intended for Climate Action & Environmental Sustainability, which will accelerate the green transition of the economy. Additional priorities of the operation include the EIB Cohesion Policy Objective for some estimated 80% of investments. Building on the Intermediaries' strong track record and long-standing experience, it is expected that EIB funds be utilised in an efficient and timely manner, thereby providing final beneficiaries with improved financing conditions. In addition to diversifying their financing sources, the Bank's involvement will also provide the Financial Intermediaries with a good level of flexibility in terms of drawdowns, thus facilitating the deployment of the facility. Through this product, it is expected that the crowding in effects will amplify even further the EIB's impact and outreach.

Environmental aspects
Procurement

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.

Milestone
Under appraisal
Approved
Signed
21 August 2023
14 December 2023
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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