ADVERTISEMENT

Barroso presents Orbán with funding agreement for 2014-2020

Int’l Relations

European Commission President Jose Manuel Barroso presented Hungarian Prime Minister Viktor Orbán with an agreement on EU funding for Hungary in Budapest today. EU funding is granted for a seven-year period and the agreement covers the 2014-2020 term. Hungary will receive up to €34.5 bln during those seven years.

At the ceremony in Thursday, Hungarian Prime minister Viktor Orbán noted that 60% of those EU funds would go toward economic development. The agreement "fully serves Hungary's interests", he said. Hungary is a net beneficiary of EU funds.

The "Partnership agreement" between Hungary and the European Commission sets down the strategy for the optimal use of European Structural and Investment Funds throughout the country. 

Out of the  €34.5 bln granted for the next 7 years, €21.9 bln will come from European structural cohesion funds while another €3.45 bln will be chanelled into rural development. Hungary will also receive €39 mln to renew its fish farming infrastructure and develop it into a more environmentally-friendly sector.

"The EU investments will help tackle unemployment and boost competitiveness and economic growth through support to innovation, training and education in cities, towns and rural areas. They will also promote entrepreneurship, fight social exclusion and help to develop an environmentally friendly and a resource-efficient economy ", the European commission said when endorsing the agreement late August. 

ADVERTISEMENT

Czech economic confidence weakens in November Analysis

Czech economic confidence weakens in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.