Export Credit Norway (ECN) covers 85% of Hungarian missile system purchase

(Daily News, Budapest, 22 April 2023) Hungary buys high-tech Norwegian missile system A 21st-century high-tech Norwegian missile system, NASAMS, Hungary is getting from Kongsberg, Norway’s premier supplier of defence and aerospace-related systems, will reinforce the country’s air defence from this year, Defence Minister Kristóf Szalay-Bobrovniczky said in Kongsberg. The NASAMS system is expected to be inaugurated in Hungary in August, the ministry said. Hungary signed the contract on the NASAMS system in November 2020. In March 2021, the country signed a financing agreement with Export Credit Norway (ECN) and the Norwegian Export Credit Guarantee Agency (GIEK) that will cover 85 percent of the 410 million euros cost of the NASAMS. The NASAMS, used widely among NATO members, will replace Hungary’s more than 40-year-old Soviet missile system, MTI wrote.