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Armed Forces get HUF 130 billion for developments

Norway is providing Hungary with 348.5 million euros of financing with a view to strengthening Hungary's combat defence capabilities through Export Credit Norway (ECN) and the Norwegian Export Credit Guarantee Agency (GIEK), the Ministry of Finance said on Wednesday.

The credit is tied to the 410 million euro NASAMS contract concluded by Hungary and Norwegian supplier Kongsberg Defense and Aerospace AS last November.

The financing is cheap and will help to keep the public debt curve favorable while giving the country broader debt-management foundations, the ministry said.

The ministry said the credit framework applies within the country’s Zrinyi Defence and Armed Forces Development Programme, “the largest and most comprehensive defence programme of the past 25 years”.

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