Economy & Policy

Companies damaged by Brexit can apply for HUF 12 billion

According to a statement by Minister of Foreign Affairs and Trade Péter Szijjártó on Tuesday, many European companies, including Hungarian ones, have suffered losses due to Brexit.

In autumn 2021, the Ministry of Foreign Affairs and Trade launched a tender to support companies that suffered losses due to Brexit. A total of 37 companies received HUF 10.2 billion in support for investments, the minister said, adding that the support will help to implement HUF 19 billion worth of investments.

The winning companies will use the grants for the purchase of new equipment for technological improvements, infrastructure and real estate development, manufacturing licenses or know-how, information technology development, and improvements to reduce energy consumption.

Now, the ministry will launch a second round of the Brexit tender with a budget of HUF 12 billion, Szijjártó said. 

The amount can be up to the amount of the proven damage, but no more than HUF 2 billion, and the aid intensity is 70 percent for micro and small enterprises, 60 percent for medium-sized enterprises and 50 percent for large enterprises, he added. 

The ministry’s aim is to ensure that the full amount of the Brexit Adjustment Reserve is injected into the economy as quickly as possible, offsetting the loss of exports caused by Brexit, he wrote.

Applicants have 30 days, from January 4, to submit their applications.

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