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Government allocates HUF 7 billion to support green companies

The winning companies will have access to funding of between HUF 20 and 400 million.

A call was published to support the development of Hungary’s green economy with a budget of HUF 7.3 billion. The winning companies will have access to between HUF 20 and 400 million for, among other things, the acquisition of new equipment, the development of technological systems and infrastructure, and real estate investments. 

Finance Minister Mihaly Varga emphasized that supporting SMEs is particularly important during the coronavirus crisis to help create jobs and maintain competitiveness. It also helps Hungary maintain its leading position in economic growth in the European Union, the minister stated. The government is also committed to the environment and wants to help Hungarian micro, small and medium-sized enterprises by supporting their investments related to the green economy. 

The support program launched within the framework of the Economic Protection and Innovation Program (GINOP) will help increase technological developments so that the number of sites using modern infrastructure will grow and the supply of assets and capital will improve among the enterprises working in the green economy.

These companies will thus contribute to achieving higher productivity and higher domestic added value while also helping to reduce the environmental impact of industrial activities, Varga underlined.

Applications can be submitted starting on August 31, 2020. 

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