Hungary’s MFB advisory services bolstered thanks to EU support

The European Investment Bank (EIB), the European Union’s bank, and Magyar Fejlesztési Bank (MFB) will work together to assist MFB’s advisory unit in providing advice to the Hungarian project promoters. The deal will allow Hungary’s national development bank to provide assistance to businesses (SMEs and mid-caps), municipalities, and state-owned enterprises in their investment activities. The European Investment Advisory Hub (EIAH), which is part of the Investment Plan for Europe, is providing the EIB funding to MFB.

MFB’s advisory unit (ÜzletiTanácsadásCsoport), which was established with the help of a previous EIAH grant, will provide technical assistance and advice for the preparation, implementation, financing, and monitoring of investment projects in key sectors of the Hungarian economy, such as ICT, the environment, and resource efficiency. As a result of the coronavirus pandemic’s impact on the country’s economy, MFB’s advising unit will focus on assisting important economic participants such as SMEs, mid-caps, municipalities, and state-owned enterprises in their recovery and green investment efforts.         

To accomplish these objectives, MFB will create an online advice platform as well as a financial product map to assist project promoters in navigating the various funding opportunities available at the national and EU levels. The advisory branch of MFB will also provide tailored consulting services for the development of an investment pipeline. Workshops and capacity development will be provided as part of the advisory services, with the goal of improving project promoters’ knowledge of best practices and exchanging information on critical themes connected to project preparation and finance.

Photo Credit : https://www.flickr.com/photos/european_parliament/17677974919