Hungary borrows $1.1bn from Chinese banks for infrastructure and energy projects amid budget deficit exceeding EU's 3% limit.
Hungary borrowed $1.1bn from Chinese banks amid financial troubles, according to the country's debt management agency. The loan will be used for infrastructure and energy development projects. Hungary's budget deficit has reached 4.5% of GDP, surpassing the EU's 3% limit. Hungary has become an important trade and investment partner for China, in contrast with some other European Union nations.
July 25, 2024
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