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State Support Available to Hungarian Companies Facing Difficulties as a Result of Brexit

MTI-Hungary Today 2021.09.18.

Applications for state support can be submitted between October 11 and 15 by Hungarian companies that face difficulties as a result of Brexit, Hungary’s foreign minister said on Saturday.

Péter Szijjártó said on Facebook that the government had decided hardly a week ago not to wait for the European Union procedure which could extend for four years but offer support to Hungarian companies in trouble this year already.

Trade Min: Govt to Prefinance EU Funding to Businesses Impacted by Brexit
Trade Min: Govt to Prefinance EU Funding to Businesses Impacted by Brexit

"We have decided to advance the funds from national coffers and provide a bid opportunity to companies facing difficulties because of Brexit," Szijjártó said.Continue reading

“Extended transfer is no solution right now, there is no time to wait because the economy will soon recover and our interest is that Hungarian companies should be well-capitalised and be able to take the best possible starting position now for the new global economic competition,” he said.

A 22 billion forint (EUR 63m) allocation set up by the EU will be made available now from state resources to all Hungarian companies that are willing to carry out investment to boost exports despite the difficulties that result from Brexit, Szijjártó said.

The main conditions for support have been published already a detailed announcement will be made on October 1, after which date Hungarian companies will have ten days to prepare their applications, he said.

Featured photo by Tibor Illyés/MTI