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Hungary omitted from EU’s top support group

Hungary has not been included in the group of European Union member states to receive a maximum of 95% of financing from the EU for development projects, the Bruxinfo news site reported.

The newly approved benchmarks show that only five member states (Cyprus, Portugal, Greece, Ireland and Romania) constitute the top support group; all five nations received bailout funds from international lenders, a move the Hungarian government tried desperately to avoid.

Hungary will thus be able to receive 85% of funding from the EU on any given project budget.

A similiar measure was implemented by the EU in 2011. At that time, Hungary was one of six nations to have received a temporary increase in EU co-financing. Of those six nations, Hungary along with Latvia are the only states not to be listed in the top support group for 2014.

In 2012, then-national economy minister György Matolcsy calculated a savings of HUF 55 billion due to increasing the share of EU money in development projects.

– Material by Gergő Rácz was used in this article