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.
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