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New Széchenyi Plan to boost Hungary investment rate annual five percentage point

The HUF 7,000 billion available under the New Széchenyi Plan in 2011-2014 is expected to boost Hungary's investment rate by an annual five percentage points, National Economy Ministry György Matolcsy said on Friday.

The country's investment rate is set to rise to around 25% by 2014, Matolcsy said. The GDP growth rate is seen climbing to 4-6%, he added.

Detailing the funding available under the New Széchenyi Plan, Matolcsy said HUF 4,000 billion had already been allocated, HUF 2,000 billion would be new funding and HUF 1,000 billion would come from the Hungarian Development Bank (MFB).

About 300,000 jobs could be created in Hungary by 2014, he said.

National Development Minister Tamás Fellegi said that state and international funding, as well as European Union resources would make up the monies available under the New Széchenyi Plan. The system for applying for the funding will undergo a renewal, he added.

About HUF 2,000 billion in EU funding is available until 2013, Fellegi said. (MTI Econews)