The Hungarian Export-Import Bank has received a €100mn credit line from its Chinese counterpart, Cexim.

The credit is designed to boost Hungarian exports to China. The pair also signed an agreement which will see Hungary contribute US$30mn to a US$500mn Chinese investment fund in central Europe. The fund is expected to invest US$100mn in Hungary’s infrastructure, telecoms and energy sectors in the coming years.

Hungarian Exim also opened a €50mn credit line with OTP Bank, the country’s largest bank, along with its Slovakian, Romanian, Russian, Bulgarian, Serbian, Croatian and Montenegrin subsidiaries. The line will help support Hungarian exports to these countries, namely by assisting them fulfil current agreements.

The Hungarian economy has had a rough few years, but in the past month, analysts have speculated that it’s starting to turn a corner. Its budget deficit has been brought down below 3% of GDP and the forint has appreciated by 2.5% against the Polish zloty since May. Capital Economics, a research firm, has predicted the country to return to growth for the whole of 2013, albeit at a meagre 0.3%. It’s an improvement, however, on March’s 0.1% contraction and would represent Hungary’s fastest growth rate since Q4 2011.