Hungary to ease procedures for EU funding, sees high absorption rate.

By bne IntelliNews July 20, 2012
The Hungarian government will establish a new system for distributing EU funds in 2013 and 2014 in order the ease the procedures for beneficiaries, MTI news agency reported citing PM Viktor Orban. Under the proposal, all applications will be able to get 30% of the development cost of up front, even though this creates a higher risk of misappropriation, Orban said. In addition, the government plans to establish a HUF 50bn (EUR 176mn) co-financing fund. The EU has approved the allocation of HUF 6,283bn funding or about 76% of the total available for Hungary under the seventh framework programme in the 2007-2013 period. The allocation rate is good compared to the average absorption in the EU. A total of HUF 2,720bn has been actually paid out, which corresponded to 33% disbursement rate. Hungary is one of the 12 EU countries that stood against cuts in the EU Cohesion funds for the next financial perspective covering the 2014-2020 period.

Related Articles

Assets of Hungarys investment funds up 3.2% m/m in Feb 2013.

Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more

Hungary's number of employees down 0.6% y/y in Jan 2013.

The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more

Hungarys MVM clears deal for purchasing E.ONs local units.

The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335