Budapest secures EUR 200 million lifeline to keep city services running this summer

Hungary’s OTP Bank has agreed to modify its contract with the Budapest metropolitan council by raising the city’s current account credit limit by HUF 20 billion (EUR 49.9 million), the Mayor’s Office said.

Under the modified agreement, the city administration will make use of HUF 80 billion (EUR 200 million) in the current account between 1 August and 19 September, the statement said.

After 19 September, the city will have access to the originally agreed HUF 40 billion (EUR 100 million) in credit, they added. The new credit limit will ensure the operation of the city’s public services until the end of the summer, the statement said.

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Featured image: BKK