Hungary to take out $1.5 billion loan from Chinese state bank to finance Budapest campus for Fudan university

In April 2021, a Hungarian investigative outlet revealed that the $1.5 billion construction of a new Budapest campus for Shanghai’s Fudan university was to be funded via a 10-15 year loan from a Chinese state-bank to the Hungarian government. By way of reference, Hungary’s entire budget for higher education was $1.3 billion in 2019. Hungarian authorities intend to use the loan to hire the state-owned Chinese State Construction Engineering Corporation (CSES), despite its sub-market value bid for the project and a track record of fraud and corruption. CSES was most notably sanctioned and blacklisted by the World Bank in 2009. Fudan University is a public university in Shanghai. In December 2019, it amended its charter to remove mentions to “academic independence and freedom of thought” and add a pledge to follow the Communist party’s leadership. It also opened an intelligence college in 2011.

About This Incident

Threat Actors: China
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Incident Metadata

Date: April 2021 - Ongoing
Country: Hungary