Modern Cities scheme doles out EUR 465 m in 2018

Hungarian cities with county status this year have tapped a total 150 billion forints (EUR 465m) for development projects under the government’s Modern Cities scheme, the Prime Minister’s Office reported on Sunday.

On Dec. 28, the government granted its approval to 14 projects worth a 37 billion forints and the funds will be paid out to recipients before Jan. 1, the PM’s Office said in a statement.

“Modern Cities is Hungary’s largest development programme outside Budapest, under which cities with county status have received nearly 1,000 billion forints,”

the statement said, adding that two-thirds of the funds had been paid from central coffers.

The programme is scheduled to be completed in 2025, by which time the total used for developments, including European Union funds, may have reached 3,750 billion forints, the statement added.

Source: MTI