Barroso presents Orbán with funding agreement for 2014-2020
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.
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