A record 118 billion forints (EUR 390m) in grant money was paid out for Research and Development in Hungary last year, Minister of State Zoltán Cséfalvay said at a press conference on Tuesday.
He stated that European Union funding accounted for 96 billion forints of the grant money and state co-financing for 22 billion. Research and Development funding will come to 706 billion forints during the 2014-2020 EU budgetary period, double the amount in the previous seven-year fiscal cycle, he said.
The amount includes 140 billion forints of credit, he added. Hungary has committed to raising spending on Research and Development to 1.8 percent of economic output by 2020, a goal that is within sight, Mr Cséfalvay emphasised.
(Ministry for National Economy)
