Green Development Support Scheme Launched

Europe National

The finance minister announced a tender for 7.3 billion forints (EUR 21m) in European Union and state grant money to support green economy capacity developments.

Companies may apply for grants of between 20 million and 400 million forints to acquire new equipment, upgrade technology, or invest in infrastructure or real estate, Mihály Varga said. The grants are available to microbusinesses and SMEs. Applications will be accepted from August 31. Supporting SMEs is especially important during the coronavirus crisis as it contributes to job creation and can help maintain the competitiveness of Hungary’s economy, Varga said.

The scheme will help businesses develop their own original products and also aid manufacturing companies that are capable of moving up the supply chain, the minister said. The capacity developments will improve technological development, help increase the number of bases with modern infrastructure and improve the capital ratio and increase the amount of available assets of companies involved in the relevant sectors, Varga added. All of this will contribute to improving productivity, increasing the country’s value added and reducing the environmentally harmful effects of industrial practices, he said.


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