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Hungary, Russia agree on financing deal for nuclear plant
February 5, 2014 / 7:16 PM / 4 years ago

Hungary, Russia agree on financing deal for nuclear plant

BUDAPEST, Feb 5 (Reuters) - Hungary has agreed with Russia on the terms of a 10 billion euro ($13.5 billion)loan to finance the construction of two new reactors at Hungary’s nuclear plant and the financing deal could be signed within days, its Economy Minister Mihaly Varga said.

Varga told private news channel HirTV on Wednesday that Hungary will repay the loan over a period of 21 years after the new blocks become operational.

He said Hungary got the loan on better terms than current market rates, but declined to specify the interest rate. “We have managed to reach a deal which we could not have been able to get on the market,” Varga said.

Russian nuclear power company Rosatom will expand Hungary’s only nuclear power plant, more than doubling its capacity in the biggest construction project in Hungary’s post-Communist history, the two countries agreed last month. ($1 = 0.7390 euros) (Reporting by Krisztina Than; Editing by Anthony Barker)

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