Wednesday, December 13, 2017

Hungary Keeps Russian Credit Line for Paks Nuclear Plant

Posted by May 11, 2017

Hungary will keep its 30-year Russian credit line for the expansion of its Paks nuclear plant but could refinance parts of the project from other financial sources if that is justified, Prime Minister Viktor Orban's chief of staff said on Thursday.

"We came to the conclusion that we will keep the 30-year Russian credit line ... and will ask the debt agency AKK to consider the most optimal financing condition at each phase of the project when the loan is drawn," Janos Lazar told a news conference.

He said alternative refinancing could be from the Hungarian state budget or via solutions offered by the debt agency AKK.

Lazar said that over the coming year, Hungary would have to pay for bills totalling 600 to 900 million euros related to the nuclear plant project. The 10-billion-euro Russian credit line was opened at the end of April, he said.

(Reporting by Krisztina Than and Marton Dunai)

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