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Regional investment fund to be operated by state

Companies with a right to access funds will not be chosen by the current government, however, Domokos Szollár told MTI, outlining a cabinet decision made on Wednesday.

The decision paves the way for the fund to be set up and launched, he said, adding that the necessary law for setting up the fund was approved by the government last November.

Decisions on investments cannot be taken before June 30 this year - before the next government comes into power - but preparatory work can begin immediately, he said.

It will be up to the next government to decide whether the crop of leaders appointed now will stay on, Szollár said.

The institutions the outgoing government is appointing will delegate the 3-7 members to the fund's supervisory board, he said.

The 14-billion-forint fund which taps EU financing has been established as part of Prime Minister Gordon Bajnai's crisis-management program as a new tool for underpinning economic and job stimulation in Hungary's regions, the spokesman said. Each region will be able to access HUF 2 billion, sufficient for supporting 6-10 companies, he said. (MTI)