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FARM SECTOR TO RECEIVE OVER HUF 4,200 BN IN DEVELOPMENT FUNDING

The Hungarian government, through the European Union's common agricultural policy (CAP), will spend 4,265 billion forints (EUR 11.8bn) on the development of Hungary's rural areas, its agriculture and food industry until 2027, Agriculture Minister István Nagy said.
 

The government has decided to raise government co-financing to EU funds to 80% from 2021, tripling it from the 17.5% of previous years, to achieve such “historic amounts of funding”, Nagy said. Within the framework of CAP’s other pillar, aimed to provide income supplements, Hungary will receive a further 3,272 billion forints of EU funding, Nagy said. The total funding for the sector, including EU and domestic resources, will amount to 7,537 billion euros in the next financial cycle, the statement added.
The “unprecedented” funding will be used to further improve infrastructure in villages and small towns, for market-oriented modernisation of the food industry and an environmentally friendly upgrade of Hungarian agriculture, Nagy said. “One of the greatest challenges of the next decade … is to develop rural areas and the quality of life of the people living there, to create locally available jobs, infrastructure and services that are attractive for young people as well,” the statement said.