Citing data from the state Public Debt Management Center, the portal said that the loan, which was taken out on April 19 from China Development Bank, China Exim Bank, and Bank of China, is to be repaid within three years.

The loan’s interest rate and repayment schedule are unknown.

The portal added that, with the exception of bonds, this is the Hungarian government’s highest amount of outstanding debt.

The report said that the Hungarian government urgently needs money due to a poor budget situation, financing a takeover of Budapest airport in early June, a €200 million fine from the EU Court of Justice, and a large part of EU funds still being frozen.

The Hungarian government has already suggested that instead of EU funds, it may look for financing from China.

During Chinese leader Xi Jinping’s visit to Hungary in early May, the two countries signed almost 20 bilateral agreements, the most important of which concerned infrastructure projects.

Among the joint projects were the construction of a high-speed railway connecting Budapest airport with the city center, as well as a railway line that will allow freight transport to bypass the Hungarian capital.

In mid-July, Hungarian Economic Development Minister Márton Nagy announced plans to develop infrastructure connecting the center of Budapest with the airport. Nagy said at the time that no decision had yet been made about whether the investment would be financed by China.

Hungary, currently the only EU country participating in China’s Belt and Road Initiative, has the best relations with Beijing of any EU country.

China is also investing billions of euros into Hungary’s electric car sector.