Hungary and EIB agree on €150 million loan

24 Jan 2020

Hungary’s education sector is benefitting from an investment of €150 million by the European Investment Bank (EIB). The EIB and Hungary’s Ministry of Finance agreed on the amount loaned that will be used to build and rehabilitate Hungarian schools. 

The funding will allow for the repair of eight schools and the extension of 16 classrooms, together with 20 new sports halls in schools. In addition, public schools will benefit from the installation of 26 swimming pools whilst 17 of them will get a larger gymnasium. 

Primary and secondary schools will be able to increase their capacities and welcome new students, offering a better education through advanced technology and facilities.

The EIB added that the investment being spent on sports facilities would help Hungarian children to practice different sports and pushes for an improved public health. 

Lilyana Pavlova, EIB’s vice president said, “The EIB continues to support Hungary as it addresses major educational challenges and works to develop a modern educational system capable of providing functional education to the country`s youth.” 

She added, “Good, quality education is increasingly important for improving the living conditions and economic and social opportunities of youth, which is why the EIB is happy to support this project. Hungary’s contribution to world’s sports and science is amazing and I sincerely hope this loan will help launch a new generation of Hungary’s global sports and science champions.” 

The country’s Minister of Finance, Mihály Varga explained, “ highly appreciate the work of the EIB and its continuous commitment to the priorities of the Hungarian government to improve the country’s educational infrastructure, in particular, the construction and expansion of infrastructure in schools where the existing facilities are outdated and inadequate. This loan will contribute to the construction of eight new schools in Hungary and by the means of refurbishment and establishment of sports halls and handball halls, improved access to sports facilities will enable daily physical education of pupils.”