EC proposes lowering national co-financing threshold for Hungary

EU

The European Commission on Monday said it proposed lowering the proportion of the cost Hungary and five other member states must cover in European Union-supported projects to a minimum of 5% with the aim of launching investments that have not yet started because of a lack of national funding.

The measure "should be accompanied by a prioritisation of projects focusing on growth and employment, such as retraining workers, setting up business clusters or investing in transport infrastructure", the Commission said.

The measure does not represent new or additional funding but it allows an earlier reimbursement of funds already committed under EU cohesion policy, rural development and fisheries, the Commission said.

The measure is targeted at the countries most affected by the financial crisis: in addition to Hungary, Greece, Ireland, Portugal, Romania and Latvia.

The Commission will request that the Council and the European Parliament adopt the proposal in a fast-track legislative procedure by the end of 2011. The top-up is an exceptional temporary measure, which ends as soon as the Member States stop receiving support under the financial assistance programmes.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.