Budapest to get EUR 780 million EU funding for city development

Budapest is set to receive HUF 300 billion (EUR 778.8 million) in European Union development funding over the coming years, the Mayor’s Office said on Thursday.

The city will get HUF 178 billion (EUR 462 million) for transport developments, HUF 50 billion (EUR 130 million) for public space developments, HUF 34 billion (EUR 88.2 million) for equality developments and HUF 38 billion (EUR 98.6 million) for flood protection and water management, the office said in a statement.

Some of the developments to be funded from the monies are already under way, they added.

The funds will be allocated towards the Home in Budapest Strategy aimed at turning the capital into “a green, open city of opportunities”, the office said.

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They said key steps could be taken over the coming years to prepare for and mitigate the effects of climate change. The funds will also be used to “ease the housing crisis” and implement significant social developments.

They said the condition for receiving the funds had been that Hungary would have access to them, adding that they were “a recognition of the preparatory work carried out by the city council”.

The statement cited Budapest Mayor Gergely Karácsony as saying in Brussels that the reason why the funding had been approved was that the city’s urban development goals coincided with those of the European Union.

“We are building a sustainable, green city that exercises solidarity,” Karácsony said, announcing the development package.