Business infrastructure

New EU development funds available soon

Hungary is one of the first to make the resources of the new EU development period 2021-27 available to businesses.

Minister of Finance Mihály Varga announced on Friday that the review of the first applications to the Enterprise Development and Innovation Operational Program (Vinop) has already started.

According to the minister of finance, the first winning tenders — to be published at the beginning of January — will receive funding from a total budget of HUF 414 billion, with payments made by the summer. These tenders aim to help companies in their investments, research and development, innovation, and training.

As the coronavirus epidemic continues to threaten Hungarian businesses and jobs, the program seeks to help restart the Hungarian economy as soon as possible and is the largest of its kind, Varga said.

In 2021 alone, more than HUF 2 trillion in business tenders will be announced, whereas during the previous EU budget period, from 2014 to 2020, HUF 3 trillion entered the economy.

Hungary is one of the most successful resource-using member states in the current development cycle, and the economic development and innovation operational program has helped the development of thousands of companies and protected 100,000 jobs.

The minister noted that this work will continue to ensure the continued functioning of the Hungarian economy.

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