It Was Revealed: the Orbán Government Was Negotiating Another Chinese Giga-Loan Before the Election
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5 Articles
The Ministry of National Economy (NGM) and the Chinese state-owned Export-Import Bank discussed a new financing cooperation worth five billion euros in the weeks before the election, according to a draft agreement obtained by Átlátszó. Not much is known about how far the negotiations have progressed, as Hungary already took out a one billion euro loan from Chinese state-owned banks in 2024.
Transparent: Márton Nagy prepared a two-thousand-billion-euro Chinese giga-loan before the elections - It would have been five times the size of the one-billion-euro Chinese loan.
Chinese money could have financed railways, battery industry facilities, geothermal energy and even modular nuclear energy investments.
In the weeks before the April elections, the Orbán government negotiated a Chinese financing framework of up to 5 billion euros, according to a draft agreement obtained by Átlátszó. The money could have financed investments in the railway, energy and battery industries, as well as the development of small modular nuclear reactors.
It was a five-fold increase in the 2024 framework, referred to as the Chinese gigacredit, and the draft also included the possibility of Hungarian government bonds issued in yuan.
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