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Jun 04, 2020

Finance Minister: Decisions to support Hungarian enterprises made in record time

Finance Minister Mihály Varga said the first decisions regarding a government tender to support technology upgrades made by enterprises from the budget of HUF 33 billion (EUR 95.5m) have been made in record time.

 

Finance Minister Mihály Varga said the first decisions regarding a government tender to support technology upgrades made by enterprises from the budget of HUF 33 billion (EUR 95.5m) have been made in record time.

Minister Varga said interest in the government’s scheme which started last Friday has been immense. So far six companies have won almost HUF 200 million in development funding. Decisions will continue to be taken in the coming weeks, and it is likely that almost 1,500 businesses will receive the funding.

The minister noted that the aim of the scheme is to protect jobs and create new ones amid the coronavirus crisis. The government aims to swiftly channel subsidies to micro, small and medium-sized firms as soon as possible, with fast-track applications and simplified assessments.

The support is for new equipment and new technologies for automated production as well as IT, real estate investment and product and service development and training, he said. Between HUF 5 million and 150 million is available to each firm, funding up to 70 percent of the total costs of the planned investment.