Budapest, March 19 (MTI) – The government plans to plough 140 billion forints (EUR 450m) of European Union funds into schemes to help startups, Zoltan Csefalvay, the economy ministry state secretary, said today.

Csefalvay told a conference dubbed Venture Capital Summit that the level of venture capital investments in Hungary in proportion to economic output is high in global comparison. Hungary occupies first place in Europe and is in the top ten globally, he added.

Venture capital investment has been increasing since 2010 thanks to the Jeremie programmes, with 130 billion forints invested in such funds, but two-thirds of this has not yet been allocated, Csefalvay said.

The government plans to make Hungary a startup centre for central and eastern Europe by 2020, he added.



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