Govʼt recapitalizes SZTA fund, sets up more funds

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Hungaryʼs government has decided to recapitalize the Széchenyi Capital Investment Fund (SZTA), a venture capital fund established by the state to support SMEs, as well as setting up similar new funds, a resolution published in the latest issue of the official gazette Magyar Közlöny shows, according to Hungarian news agency MTI.

The resolution recapitalizes the SZTA with a further HUF 8 bln and extends the period during which it may make new investments to the end of 2025. It also extends the run of the fund until December 15, 2030. 

The resolution also clears the way for establishing the Írinyi Venture Capital Funds I and II, with capital of HUF 8 bln apiece, the National Bourse Development Fund, with capital of HUF 20 bln, and the Carpathian Basin Business Development Fund, with capital of HUF 20 bln.

The funds are to serve “priority economic development, industrial policy and competitiveness goals.”

The funds are to be capitalized with European Union funds from the 2007-2013 funding cycle.

Late in October, Hungary booked the transfer of HUF 176.5 bln in European Union funding from the 2007-2013 cycle earlier suspended because of a dispute with Brussels over conditions for bidding in road tenders.

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