Structural Funds Vital for Hungary Growth
- New Europe Investor
- October 23, 2015
Hungary is to use European Union structural funding to put the country back onto a steady growth path.
Hungary’s economic growth has been patchy in recent years and structural funding for 2014-2020 was discussed at the Chamber of Commerce and Industry recently, as an important element in putting the country back onto a growth path.
Government Minister, Janos Lazar said that the allocation of funds should be ‘cheaper, fast and simpler.’ He said that red tape will have to be cut to improve the allocation of the funds.
He said that his government will make it possible for companies to receive up to 50% of funds in advance. This will allow them to begin work immediately and to keep them in financially sound positions throughout the projects.
The Hungarian government has published 1,000 billion forints (€3.22 billion) of bid invitations for projects in the 2014-2020 structural funding period. The capital projects are vital for job provision and the capital infrastructure, facilitating growth in Hungary in the long term.