Bank of China to Open Regional Centre in Hungary

Beijing  (MTI) – The Bank of China will open its centre for Central and Eastern Europe in Budapest before the end of the year, Hungarian Foreign Minister Peter Szijjarto told MTI on the sidelines of his China talks on Monday.

“The ninth largest bank in the world will coordinate its activities in the region from Hungary,” the foreign minister said, adding that the move “is a great acknowledgement of the Hungarian environment.”

The BoC is in close cooperation with Hungary’s Eximbank, and has so far assisted Wanhua’s investment project at Borsodchem with jointly provided loans totalling 70 million euros, Szijjarto said. The BoC and Eximbank are jointly financing other developments in Hungary, the minister added.

As part of his China programme, Szijjarto also had talks concerning modernisation of the Budapest-Belgrade railway, a project to which the Chinese government will prepare a preliminary feasibility study.