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EU funds to be rejiggered in 2007

Small- and medium-sized businesses from the developed regions of Hungary, such as Budapest, Pest County and Western Transdanubia, will receive less EU funding from 2007, according to a new governmental decree, unnamed sources reported. Business ventures vying for EU funding in Budapest will be entitled to a maximum subsidy of 25% on their investments instead of the current 35%, while in Western Transdanubia, the current 45% rate will be lowered to 30%. The government decided to leave the rate of subsidies unchanged at 50% in less developed regions, such as Southern Transdanubia, Northern Hungary, Northern Great Plains, and Southern Great Plains. The European Commission has to approve the new system of subsidies before it comes into effect. (Magyar Hírlap)