ANNOUNCEMENT 14 Jan 2014In January 2014, the government of the Russian Federation announced a change in its trade finance instruments.
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On January 14, 2014, the head of the state corporation 'Rosatom', Sergey Kiriyenko, and the Minister of National Development of Hungary, Zsuzsa Németh, signed a cooperation agreement in the peaceful use of atomic energy.
The agreement foresees the construction of two new units of the "Paks Nuclear Power Plant", the only in nuclear plant in Hungary. The blocks are expected to be ready by 2023 and will remain Hungarian property. Apart from 'Rosatom', two other state companies competed for the project, the French 'Areva' and the Northern American 'Westinghouse'.
However, the Hungarian government preferred 'Rosatom' because the Russian government offered to finance up to 80 per cent of the project by providing a 30-year loan worth EUR 10-12 billion.