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The government will invite bids to disburse 200 billion forints (EUR 558.9m) in support of boosting the productivity of micro, small and medium-sized companies outside Budapest, the state secretary for European Union development policy at the human resources ministry said on Friday.

The grant scheme covered by the GINOP Plus economic and innovation programme will be the first one in which companies based in Pest County will be eligible to submit bids, Eszter Vitályos told a press conference, noting that the county is now eligible to apply for European Union development funding independently of Budapest.

The first round of bidding will run from July 12 to 19, with further rounds planned in October and January, Vitályos said.

Hungary Inflation Spike Continues in June
Hungary Inflation Spike Continues in June

ING Bank chief analyst Péter Virovácz said inflation in June was significantly higher than expected by the NBH which means there is a higher chance that in July the central bank raises its base rate.Continue reading

The funds are expected to be disbursed among 1,500-3,000 companies, she said.

featured image: state secretary Eszter Vitályos; via Attila Balázs/MTI