Educational institutions to receive HUF 50 billion

New funding will go toward the building of public educational institutions and school sports facilities in Hungary, Minister of Finance Mihály Varga announced.

Minister of Finance Mihály Varga emphasized that low-interest and long-term loans could be used to build and renovate schools, sports halls, gyms and swimming pools. The developments will support the education of and sports activities for nearly 10,000 young people.

Back in 2016, Hungary concluded a loan agreement for the development of educational institutions with the Council of Europe Development Bank and the European Investment Bank in the amount of HUF 15 billion each, according to the statement issued by the Ministry of Finance.

Hungary has successfully implemented these investments, restoring more than 80 educational institutions and building some 50 sports facilities.

The minister stressed that it would be beneficial for Hungary to continue the program. In January, a loan agreement worth HUF 50 billion was concluded with the European Investment Bank. A HUF 50 billion loan agreement with the CEB, the Strasbourg-based credit institution of the Council of Europe, has also been signed. From this new amount, Hungary will build eight schools, 16 classrooms, 20 gyms, 26 training pools, and 17 handball hall courts. 

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