Three Hungarian businesses have inaugurated projects worth a combined 3.5 billion forints (EUR 9.7m) supported by 1.2 billion forints in government subsidies earmarked for investments at big companies, Finance Minister Mihály Varga said in a video message posted on his Facebook page on Monday.

The investments preserved more than 1,000 workplaces and created 30 jobs, Varga said.

Ikarus Electric invested 322 million forints at its base in Székesfehérvár, in central Hungary, to advance production of electric buses. The project, which preserved more than 160 jobs, was supported by 113 million forints in grant money.

Nádudvari Élelmiszeripari, based in Nádudvar, in eastern Hungary, spent 634 million forints to expand its meat, dairy and frozen foods output.

The company was awarded a 190 million forints grant for the project which preserved 340 jobs.

DIET Tobacco Europe spent 2.51 billion forints on the construction of a plant that “significantly increases the value added of Hungarian tobacco processing”, Varga said.

The investment, which preserved more than 560 workplaces, was supported by 881 million forints in government subsidies.

Varga noted that the grant money for big companies, part of government stimulus launched after the start of the pandemic, has so far supported investments with a combined value of 110 billion forints at 53 companies. Grants awarded for the investments add up to 42 billion forints, he added.

The investments have preserved 22,000 jobs and created 500 more.

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