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Hungary's Innovation Fund has commitments of HUF 50 billion for 2010 and 2011 but it is HUF 13 billion short this amount, National Development Tamás Fellegi said at a meeting of the Hungarian Innovation Association (MISz).
Disbursements from the fund were prioritized after a review of contracts and HUF 2 billion will soon be paid to 214 recipients, Fellegi said. Another round of disbursements will be made, but this will depend on plugging the fund's deficit and a further review of contracts, he added.
Hungary has committed to raising spending on research and development and innovation to 1.8% of GDP by 2020 from 0.9% at present.