domestic and international relations

The responsibilities of the Ministry for Economic Development include the regulation of the national financial services, money, capital and insurance markets, and the development of the economic and legal conditions for competitiveness. EXIM Hungary is involved in the activities of the Ministry through its contribution to and implementation of international financial relations, public loan, capital and guarantee programmes for economic development, and interest-subsidised loan, capital and guarantee programmes for SME financing.

The Hungarian Banking Association is the interest representation body of Hungarian banks, the coordinator and representative of the official position of the banking community. Its main task is to represent the professional interests of its members. In order to develop professional positions, the Hungarian Banking Association establishes working committees composed of banking experts.

The responsibilities of the Ministry of Foreign Affairs and Trade include, in particular, the coordination of diplomacy, foreign policy and international relations, managing participation in organisations of high importance to the Government, and leading external security policy. EXIM Hungary is linked to the activities of the Ministry mainly through the delivery of development assistance and relief to less developed countries.

The Ministry of Finance is primarily responsible for the competitiveness of the Hungarian economy, the development of employment policy, the management of public finances and the budget, and medium and long-term economic strategy, in addition to tax and monetary policy. Under the leadership of the Ministry of Finance, as the lead ministry for international financial relations, EXIM Hungary participates in the work of the international regulatory fora. In addition, the transposition of international rules into Hungarian legislation is also carried out in close cooperation with the Ministry.

The Hungarian Investment Promotion Agency (HIPA) was established by the Hungarian Government to provide professional assistance to foreign companies seeking to invest in Hungary.

Its mission is to fulfil the Government’s main investment promotion objectives, while at the same time facilitating bilateral and multilateral international economic relations.

HEPA Hungarian Export Development Agency Nonprofit, Inc. aims to promote the expansion of the export activities of domestic small and medium-sized enterprises producing internationally competitive products and services with high added value.

The primary objective of the National Bank of Hungary (NBH) is to achieve and maintain price stability. Without compromising its primary objective, the NBH contributes to maintaining the stability of the financial intermediary system, increasing its resilience, ensuring its sustainable contribution to economic growth and supporting the Government’s economic policy with the instruments at its disposal. The NBH oversees and inspects the financial intermediary system in accordance with legal regulations, as well as professional and ethical standards.

The State Audit Office of Hungary (SAO) is the main financial and economic control body of the National Assembly and the fundamental institution guaranteeing the democratic system of the Hungarian state. Its primary task is to support the regular, expedient, effective and efficient management of public funds and assets, and to promote the establishment of a well-governed state and good governance. As the main financial audit institution of the state, the SAO aims to serve the safe, balanced and efficient operation of public finances, to support their development, to strengthen the transparency of public finance processes and the accountability of public finance management.

As a supervisory body, SAO regularly monitors the prudent and transparent operation of EXIM Hungary and the transparency and legality of the use of public funds in its activities.

The aim of the Hungarian Chamber of Commerce and Industry (HCCI) is to promote the foreign market position of Hungarian enterprises, primarily by preparing them for European integration and by creating opportunities for cooperation with businesses in neighbouring countries. The international relations between the chambers are noteworthy – bilateral cooperation agreements have already been concluded with almost all neighbouring countries – and HCCI has acceded to the Convention on Multinational Cooperation between Chambers of Commerce and Industry of the CEFTA countries. The Hungarian National Commission of the International Chamber of Commerce (ICC Hungary) has been operating in Budapest since 1996.

The primary task of the Budapest Chamber of Commerce and Industry is economic development and the general representation of the economic interests of the companies in the capital- The Chamber cooperates in strengthening the development of the local economy and in the development of the industrial and commercial policy of the capital and its districts.

The Institute conducts research on international and foreign affairs under the supervision of the Ministry of Foreign Affairs and Trade.

The Office, which performs the functions of a public authority, carries out its supervisory functions over domestic and export trade through its Trade Authority, Military Technology and Export Control Authority, Precious Metals Testing and Authentication Authority, Market and Technical Surveillance Authority and Metrology Authority. The Office is linked to the functioning of EXIM Hungary by providing information on the application of sanctioning regimes to specific export destinations and by verifying compliance with the related export control requirements.

Hungary has been a member of the Organisation for Economic Co-operation and Development since 1996, which together with its 34 member and observer countries, works with 70 countries to develop multilateral agreements and guidelines in a number of areas. Furthermore, the organization carries out analyses on statistical, macro-economic and commercial topics and publishes them on a regular basis. The OECD Arrangement on Officially Supported Export Credits signed in 1978 is a key instrument in the functioning of EXIM Hungary.

 

Following EU accession, the supervision of state export credit and export credit insurance is shared between the Directorate General for Competition and the Directorate General for Trade of the European Commission; the former playing an active role in the development of regulations and monitoring of practices in the field of state aid and the latter in the field of over-two-year transactions. EXIM Hungary represents the interests of the Member States in the Exports Credit Working Group of the European Council under the leadership of the Ministry of Finance.

The Berne Union is a leading international organisation of state-owned export credit insurance companies. Since 2000, the Hungarian Export Credit Insurance Corporation Plc. has been a full member of the international institution, which together with the Prague Club has more than 70 members. The Berne Union was established to promote the international adoption of uniform principles of export credit insurance and is an important forum for the exchange of information and experience among its members. The organisation has an extensive network of relations, ensuring an international presence for its member organisations and their countries.

The Council of Europe Development Bank (CEB) was established in 1956 and it is Europe’s oldest multilateral development bank. The Bank’s current activities focus on

  • strengthening social cohesion,
  • promoting environmental protection,
  • developing human resources, and
  • supporting micro-, small- and medium-sized enterprises.

To further strengthen the financing of the domestic micro, small and medium enterprise sector, Exim Hungary signed a EUR 50 million credit line agreement with the organisation in July 2015.

EXIM Hungary started negotiations with China Eximbank, the world’s largest export credit agency, in June 2012. Since then, a number of collaborations have been established between the two institutions. In November 2013, Eximbank entered into an agreement to join the China-Central and Eastern Europe Investment Fund, which will be launched with a USD 500 million capital base sponsored by China Eximbank, for a total amount of USD 30 million. In line with our prominent role in the Fund, it will provide an opportunity to improve the resource structure of capital-intensive domestic enterprises.

The European Investment Bank (EIB) is owned by the Member States of the European Union. One of its main missions is to promote the objectives of the European Union by providing long-term financing for specific projects in the Member States. Eximbank has signed several agreements with the international institution:

  • Eximbank signed EUR 100 million and EUR 200 million refinancing framework agreements respectively in 2013 and 2014 with the EIB to support domestic exporters considering expansion in EU member states;
  • In 2017, the EIB and the Eximbank signed an agreement in the amount of EUR 400 million to support the financing of the enterprises employing less than 3.000 employees;
  • Another agreement was signed in 2020 for 100 million EUR to mitigate the negative impacts of the COVID-19 pandemic contributing to safeguarding jobs in the SME sector;
  • In line with the sustainable strategy of EIB and EXIM Hungary, a new refinancing agreement was concluded in early 2023 in the amount of EUR 100 million aimed at supporting the green financing framework of EXIM Hungary and financing related projects.

On 19 March 2014, EXIM Hungary established a Trust Fund with the International Finance Corporation (IFC), a member of the World Bank Group, to facilitate the involvement of domestic exporter SMEs in IFC-financed projects. By signing the Trust Fund, EXIM Hungary is playing a pioneering role in the Central and Eastern European region. The Cooperation Agreement, which expired at the end of 2020, was extended for another three years in early 2021, taking into account the progress made.

The European Bank for Reconstruction and Development (EBRD) has been supporting Hungary’s transition to a market economy since 1991. The Bank formulates and regularly updates country and sector-specific strategies to promote economic convergence. In Hungary the Bank primarily supports:

  • the recovery of the financial sector,
  • the improvement of the efficiency of the transport sector, and
  • the development of the energy sector.

With the help of EXIM Hungary, the Bank aims to strengthen and expand Hungary’s role as a platform for the export of technology and skills-intensive products.

Members of the European Association of Public Banks (EAPB) include

  • financial institutions
  • funding agencies
  • public banks,
  • or similar organisations operating in EU Member States, Switzerland or the EU Economic Area.

EAPB members, including EXIM Hungary, represent nearly 100 financial institutions from various European countries. Their European market share is around 15%, their combined balance sheet total is €3,500 billion and they represent nearly 190,000 employees.

The Banking Association for Central and Eastern Europe (BACEE) was founded in 1996 with its seat in Budapest. Its main objective is to support business expansion in the CEE region with a particular focus on the region’s high-risk countries. BACEE provides in-depth banking analyses and information on the countries and financial institutions in the Central and Eastern European region.

 

ICC Hungary is the first national committee of the Paris-based International Chamber of Commerce established in the Central European region. ICC Hungary is a non-profit association with 50 member organisations that include:

  • national organisations
  • chambers
  • associations
  • large companies
  • banks
  • legal partnerships
  • businesses

EXIM Hungary, as a full member, participates in the preparation of Member States’ positions on export credit, guarantees or insurance, and during its operations takes into account the ICC uniform rules and standards (Incoterms 2010, URDG 758) and the established best practices.

The company information service, founded by the French credit insurer Coface, assists EXIM Hungary in verifying the creditworthiness of foreign buyers under foreign trade contracts. Our company not only uses the extensive database as a resource, but has also been an active data provider for years to the network, which provides up-to-date credit information on 44 million companies worldwide.

ICISA is an international association of non-state owned companies providing credit and surety insurance. It provides its members with an open exchange of information and represents the insurance sector at international level. Its high quality technical material on credit insurance and related topics is available not only to members but also to other companies, and it acts as a consultant in the development of business and legal solutions for international and multinational companies.

In previous years, we signed cooperation agreements with the following institutions:

 

Export-Import Bank of India, Roseximbank, Türk Eximbank, Saudi Fund for Development, International Bank of Azerbaijan, Export Development Bank of Egypt, National Bank of Egypt, Housing Bank of Jordan, Bank Bumiputera, Bank Mandiri, Moroccan Foreign Trade Bank, Trade and Development Bank of Mongolia, Vnesheconombank, Eximbank of Russia, Corporacion Financiera de Desarrolo S.A. Lima, Export-Import Bank of Thailand, Sociéte Tunisienne de Banque, Brazilian Development Bank

Atradius, Axa Re – Partner Re, Bank of Moscow, COFACE, Credit Lyonnais, ECG Egypt, ECGC India, ECIO, EGAP, EGCD (UKEF), EXIMBANK of Republic of China, EXIMBANK of Russia, EXIMBANK Romania, EXIMBANK Ukraine, EXIMBANKA SR, Gazprombank Ingosstrakh Insurance, K-SURE, KUKE, BDP Macedonia, OeKB, ONDD, Raiffeisen – MAIF – MIRIP, Swiss Re, Uzbekinvest, Vnesheconombank, Zurich Re