News

The Hungarian bank expects more favorable prospects in agriculture in 2024

Market & Price Trends
Innovation & Technology
Published Mar 3, 2024

Tridge summary

OTP Bank, a significant player in Hungarian agricultural financing, is optimizing the use of EU agricultural resources through its market presence, lending policy, and consulting capacity. Despite challenges like the energy crisis and inflation, the bank remains optimistic for the future. The bank's CEO, Dr. Sándor Csányi, emphasized their commitment to supporting agricultural enterprises. In 2023, HUF 1,400 billion in agricultural subsidies were paid, with HUF 750 billion reaching farmers through the Rural Development Program. The Ministry of Agriculture is preparing separate investment calls for different sized enterprises. The OTP Awards for Agrárium were presented at the OTP Agrár Gala, recognizing the performance of five domestic agribusinesses and a foreign subsidiary bank of the OTP Group.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

This year could be a new milestone in the development of domestic agricultural actors. Agricultural enterprises can only maintain and increase their competitiveness along a strategy that also validates sustainability aspects. As one of the most important players in domestic agricultural financing, OTP Bank helps the most efficient use of EU agricultural resources with its active market presence, the adaptation of its lending policy to the changing circumstances and its consulting capacity, for the sake of the further development of the sector - it was said at the OTP Agrár Gala, where it was handed over to the OTP Agrárium Awards too. Last year, according to KSH data, the total output value of Hungarian agriculture was 6.5% more than the previous year, the expansion was contributed by a 25% increase in the total production volume. Although last year's weather was more favorable, the actors of domestic agriculture still had to face serious difficulties. Among other things, the ...
Source: AgroForum
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