Economy
Hungary to launch HUF 1,900 bn construction industry scheme (2)
(Adds details)
Hungary's Ministry for National Development and Economy has on Wednesday announced a major programme aimed to dampen the negative impacts of the global financial crisis via invigorating the construction industry.
According to the press material handed out to journalists at a press conference, the ministry will support nearly 650 projects by the end of 2010 in the value of around HUF 1,900 billion (EUR 6.45 bn) , to be partly financed from European Union funds.
The projects will be carried out mainly in the area of transport and public education.
The cabinet plans to launch investment programmes to the tune of HUF 600 bn already in the first half of 2009.
Gordon Bajnai, Minister for National Development and Economy, announced last autumn that besides measures aimed to preserve and create jobs the cabinet would also launch a major construction industry programme in a bid to boost domestic demand in the face of shrinking export markets. At that time he mentioned a HUF 1,400 bn financial / liquidity boosting package for 2009-2010.
“This programme can partly offset the impacts of the economic crisis," Bajnai told a press conference on Wednesday.
The government hopes that the scheme will save tens of thousands of jobs.
Bajnai said the ministry distributed a lengthy email to nearly 100,000 businesses, informing them about favourable credit conditions, guarantees, interest subsidies, tenders and sources of information, hoping these would help mitigate the recession that is awaiting Hungary this year.
Hungary's Ministry for National Development and Economy has on Wednesday announced a major programme aimed to dampen the negative impacts of the global financial crisis via invigorating the construction industry.
According to the press material handed out to journalists at a press conference, the ministry will support nearly 650 projects by the end of 2010 in the value of around HUF 1,900 billion (EUR 6.45 bn) , to be partly financed from European Union funds.
The projects will be carried out mainly in the area of transport and public education.
The cabinet plans to launch investment programmes to the tune of HUF 600 bn already in the first half of 2009.
Gordon Bajnai, Minister for National Development and Economy, announced last autumn that besides measures aimed to preserve and create jobs the cabinet would also launch a major construction industry programme in a bid to boost domestic demand in the face of shrinking export markets. At that time he mentioned a HUF 1,400 bn financial / liquidity boosting package for 2009-2010.
“This programme can partly offset the impacts of the economic crisis," Bajnai told a press conference on Wednesday.
The government hopes that the scheme will save tens of thousands of jobs.
Bajnai said the ministry distributed a lengthy email to nearly 100,000 businesses, informing them about favourable credit conditions, guarantees, interest subsidies, tenders and sources of information, hoping these would help mitigate the recession that is awaiting Hungary this year.
