With the agreement of the European Commission, Hungary can grant uncapped state subsidy to companies which undertake investments to protect jobs, the Hungarian foreign minister announced. Peter Szijjarto said that a new program would be launched to support Hungarian companies that are willing to make an investment of at least 560 million forints (approximately 1.6 million euros) to protect jobs at risk due to the coronavirus pandemic.

In a video posted on his social media page, Peter Szijjarto said that companies could submit their grant applications from next week. The amount of the subsidy can be half of the value of the investment at most, for example, in the case of an investment of 560 million forints (approx. 1.6 million euros) the grant would be 280 million forints (approx. 800 thousand euros), he explained.

Mr Szijjarto emphasized that in the fight against the epidemic Hungary had won the first, health protection phase and was ready to win the second, economic protection phase in partnership with the Hungarian companies and the people. He says this is only possible if people work and have jobs, that is why the programme aims to help companies protect jobs and create new ones.

In his post to the video, the minister wrote that the strength of the economy would not come from „international loans leading to vulnerability” but from the work of the people.

Grant applications can be submitted until 30 September, while the investments must be implemented in the next two years, Mr Szijjarto added.