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Switzerland contributes CHF 15.2 mln to Hungarian venture capital fund

Switzerland is contributing CHF 15.2 million to the Hungarian venture capital fund "Euroventures Fund IV", thus ensuring long-term financing of SMEs in Hungary and help creating new jobs, the Swiss embassy in Budapest told MTI on Wednesday.

The project agreement was signed by Balázs Simó of Hungary's National Development Agency, responsible for International Co-operation Programmes and Swiss Ambassador to Hungary Christian Mühlethaler on Tuesday.

The project, which is part of the cooperation programme between the two countries, will secure long-term financing of up to 27 innovative and growth-oriented companies. The project is expected to generate new jobs and dynamic trade partners with increasing purchasing power, thereby also creating new sales opportunities to Swiss companies, the embassy said in a statement.

The "Euroventures Fund IV" is a public-private partnership within the Jeremie Program. Under the scheme private investors provide at least 30% of the capital.