Hungary opens criminal probe into Eximbank — €1 billion North Macedonia loan under scrutiny
Hungarian authorities are investigating four Eximbank-related cases, including the €1 billion loan signed in Budapest on October 8.
Hungary has opened a criminal investigation into its state-owned Eximbank amid allegations of misuse, and the €1 billion loan granted to North Macedonia is one of the cases under scrutiny. The probe was launched after a Ministry of Economy audit and a subsequent complaint filed in July.
What is being investigated?
Hungarian investigators say they are probing four separate matters linked to Eximbank on suspicion of abuse of office and negligent management. Among the items under review is the loan to North Macedonia, approved by the previous Hungarian government and signed in Budapest on 8 October.
Police officials reported that investigators seized thousands of pages of internal documentation from the Ministry of Economy on Monday. "These documents were obtained during the internal investigation and contain additional information important for the examination of the reported offenses," the police statement says.
The loan to the Government of North Macedonia was arranged with an interest rate of 3.25 percent and backed by a full state guarantee. According to the terms announced by Skopje, €250 million were earmarked for direct support to the domestic economy and another €250 million for municipal projects.
Those municipal funds were allocated through public calls for capital and infrastructure projects across North Macedonia, totaling more than 18 billion denars for construction and renovation of kindergartens, schools, sports halls and local roads, as well as for a gas pipeline in Kumanovo. Prime Minister Hristijan Mickoski has previously said the funds will accelerate local development and infrastructure work.
Separately, one of the other cases under investigation concerns an infrastructure project in Africa for which Eximbank and the Hungarian Development Bank provided a guarantee valued at 126 billion forints, about $398 million. Hungarian authorities say they will thoroughly examine all four cases to determine whether legal procedures were followed and state funds used appropriately.
Eximbank — established by law in 1994 to support Hungarian exports and operating together with export credit insurer MEXIM under the EXIM brand — has not yet responded to requests for comment. The probe follows the April elections in which Prime Minister Peter Magyar ended Viktor Orban's 16-year government and pledged to investigate alleged corruption in institutions during the previous administration.
Photo: press material from the event
