November 7, 2017 / 9:01 AM / 2 years ago

Hungary to tap Russian loan to finance Paks nuclear costs

BUDAPEST (Reuters) - Hungary will first tap a Russian loan to finance initial expenditure worth about 98 million euros ($113.36 million) related to the expansion of its Paks nuclear power plant, state secretary Attila Aszodi said on Tuesday.

“We have not yet drawn on the Russian loan, but this will change in the coming hours,” Aszodi told an energy conference organized by financial news website

Russian company Rosatom will build two nuclear reactors in Hungary in a 12.5 billion euro project that has been delayed by at least a year as Hungary ironed out regulatory and financing issues with European regulators.

Aszodi said Hungary would use the funds to pay 10 invoices submitted by main contractors, with the loan covering 80 percent of expenses and Hungary financing the rest using own funds.

Reporting by Gergely Szakacs

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