The Hungarian Export-Import Bank (Eximbank) will contribute €3m ($3.18m) to the EU-Africa Infrastructure Trust Fund, according to Hungary’s Minister of External Economy and Foreign Affairs, Péter Szijjártó.

The EU-Africa Infrastructure Trust Fund was launched in 2007 by the EU together with its member states and the European Investment Bank with the objective of promoting infrastructure projects in Sub-Saharan Africa.

The facility has over €528m ($559.28m) committed to projects out of total pledged donor contributions of €800m ($847.4m) to support projects through technical assistance, interest rate subsidies, investment grants and financial instruments.

“Hungary will also join the World Bank fund which invests in African commercial banks,” he said at the European Union foreign ministers’ meeting.

Hungary Today reported that European Union foreign ministers agreed at a meeting that the bloc’s political and economic cooperation with Africa is of strategic importance.

“The Hungarian government’s policy of opening towards the south has been proven right by the EU’s decision to take a leading role in Africa,” said Szijjártó.

Szijjártó added that there is huge competition for economic cooperation with Africa, including efforts by China and the Arab Gulf states to increase their foothold in the continent.

“Unlike Hungary’s timing with its “opening to the East” policy, this time it is not “running to catch up” in the global race,” he said.

Szijjártó said that Hungary plans to open embassies in Ghana, Angola and Ethiopia, and trading houses in Ethiopia, Angola and Kenya.

The EU ministers also discussed the situation in Libya which, he said, is a direct challenge to Europe’s security and the region’s stability after the Islamic State and other terrorist organisations infiltrated the country.

“If certain conditions are met, the Hungarian government is ready to support an EU mission to Libya to bolster its security and monitor the ceasefire and borders,” he said.