To develop an economic partnership with Pakistan, the Hungarian government has announced an exclusive credit line of $84 million for business-to-business cooperation and provide another $50 million for the tied aid program.

“We have established a credit line at Hungarian EXIM bank to the extent of $84 million, which is exclusively to serve the enhancement of business-to-business cooperation between Pakistani and Hungarian companies,” Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó stated in a mutual press stakeout with Foreign Minister Shah Mahmood Qureshi.

The Hungarian Foreign Minister further added that they will provide $50 million for a tied aid credit program, which will be launched in Pakistan related to the fields of agriculture, water, industry, and food processing.

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Furthermore, a memorandum of understanding (MoU) on cooperation within the structure of the Stipendium Hungaricum Program 2020-22 was signed between the two parties, under which the Hungarian government will grant 200 scholarships yearly to Pakistani students to acquire education in Hungary.

These developments were discussed on Thursday in wide-ranging talks at the Foreign Office between Foreign Minister Shah Mahmood Qureshi and the visiting Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto.

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In addition to it, the Pakistani Foreign Minister Shah Mahmood Qureshi stated that Pakistan and Hungary have friendly associations and close cooperation at bilateral and multilateral fora. He further added that the visit of Foreign Minister Szijjarto will further add to strengthening bilateral commercial partnerships and improving common understanding on local and global issues.

The Foreign Minister Szijjarto is visiting Pakistan accompanied by a high-level formal delegation along with 17 international businessmen. Moreover, the foreign minister further informed the media that Hungary had also displayed interest in starting direct flights to Pakistan to improve people-to-people connections and support business activities.

Source: The News 


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