The EC approved funding of 8.8 billion euros for economic development and innovation programmes, 3.97 billion euros for the regional development programme, and 927 million euros for a programme supporting the competitiveness of central Hungary.

A combined 7.7 billion euros was approved for transport development, environmental and energy efficiency operative programmes.

The EU provides 85% of development costs except for the programme for the more developed central Hungary region where it funds 50%. Central Hungary is the only region in Hungary where per capita GDP exceeds the EU average.

The EC estimates the economic development and innovation programme could put 300,000 out-of-work people back in jobs and improve the positions of a further 450,000 through training.

The funding will give more than 20,000 companies access to financial consultants or support the use of info communications solutions and electronic services. It will cut spending on energy by 1,400 companies and allow the construction of capacity to generate 250MW of renewable energy.

It will create 3,000 jobs in research and bring broadband internet to another 1 million homes.

Source www.hungarymatters.hu

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