Hungary and Russia

Hungary agreed with the Russian Federation on the repayment of the state credit for the construction of the Paks-2 NPP


Hungarian Finance Minister MihályVargaagreed with the Russian authorities to repay the state loan that the country received for the construction of the Paks-2 NPP. According to them, the beginning of the repayment of a loan of € 10 billion will begin later than originally planned. This will not affect the interest rate.

Sources noted that the signed agreement stipulates a drop in investment in nuclear power plants. According to the portal, the loan agreement was revised “in complete secrecy.” At the beginning of the year, it became known that Mr. Varga was planning a trip to Moscow on this issue because of the low investment in nuclear power plants. Sources noted that the government does not want to call the project “unreliable,” “but it’s more difficult to hide it.”

The Paks NPP is located 100 km from the capital of Hungary, Budapest. The station was built according to a project developed in the Soviet Union. At the moment, there are four units with VVER-440 reactors on it. NPPs produce more than 50% of the electricity generated in the country.

At the end of 2014, Russia and Hungary signed documents on the construction of the only Paks nuclear power plant in Hungary with new (fifth and sixth) power units with reactor installations according to the Russian VVER-1200 project. Russia allocated Hungary for the Paks-2 project a state loan of up to € 10 billion, which accounted for 80% of the total cost of work of € 12.5 billion.

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