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Innovation Fund runs HUF 13 bln deficit

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.