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Signature(s)

Amount
€ 100,000,000
Countries
Sector(s)
Hungary : € 100,000,000
Credit lines : € 100,000,000
Signature date(s)
18/10/2023 : € 100,000,000
Link to source
Other links

Summary sheet

Release date
29 March 2023
Status
Reference
Signed | 18/10/2023
20230028
Project name
Promoter - financial intermediary
MFB CLIMATE ACTION MBIL - GREEN LOAN
MFB MAGYAR FEJLESZTESI BANK ZRT
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 100 million
not applicable
Location
Sector(s)
Description
Objectives

The project is to provide financing for energy efficiency and renewable energy investments of Hungarian small and medium sized enterprises (SMEs) and Midcaps through the loan programmes of Hungarian Development Bank. (MFB).

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.

Additionality and Impact

The operation will support public and private counterparties in Hungary, to invest in Climate Action and Environmental Sustainability projects focused on energy efficiency, building integrated renewable energy and other eligible green investments.

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. The final loan programme of the Borrower can improve competition in SME and Midcap financing.

The project is fully aligned with the EU Renovation Wave Strategy, RePowerEU strategy and Hungary National Energy Action Plan to 2030. The project will reduce carbon and air pollution, deliver health benefits through improved air quality and positive social impact through job creation.

The intermediary is financially sound and has sufficient track record of allocating and monitoring EIB products. While, this is the first climate action operation, the intermediary has adequate governance, procedures and capabilities to implement the Bank's green eligibility criteria. In addition, the intermediary expressed an interest in receiving support through the EIB Green Gateway technical assistance programme. With the appropriate conditions in place, the operation is acceptable for financing in environmental and social terms. (see ESDS).


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
30 June 2023
18 October 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

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
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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Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

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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