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Hungary allocates funds to develop business projects with Kazakhstan



(MENAFN - Trend News Agency) Baku, Azerbaijan, Feb. 9

By Rashid Shirinov – Trend:

The Hungarian government has allocated about 450 million euros for the development of business projects in Kazakhstan and Hungary, Trend reports via Kazakh media.

"These funds are intended for Hungarian businessmen in Kazakhstan and for Kazakh businessmen in Hungary. This is a huge amount that should be used to bring our businesses closer and create interesting joint projects," Kazakh Ambassador to Hungary Nurbakh Rustemov said.

It should be noted that the Hungarian oil and gas company MOL invested more than $200 million in the mining sector of Kazakhstan. The company has been present in the Kazakh market for more than 10 years.

The main interest of MOL is the Fedorovsky block, which has promising reserves and potential for further exploration. The company is preparing for further exploratory drilling in the block.

Another important area of cooperation between the two countries is agriculture. Established In 2015, the Kazakh-Hungarian Investment Fund with the authorized capital of $40 million, continues to work successfully.

In 2018, the Fund financed two projects: a greenhouse complex in the Aktobe region with a design capacity of 1,500 tons of vegetables per year, and the creation of new apple orchards on an area of 300 hectares.

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Hungary allocates funds to develop business projects with Kazakhstan

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