A record 118 billion forints (EUR 390m) in grant money was paid out for Research and Development in Hungary last year, Minister of State Zoltán Cséfalvay said at a press conference on Tuesday.

He stated that European Union funding accounted for 96 billion forints of the grant money and state co-financing for 22 billion. Research and Development funding will come to 706 billion forints during the 2014-2020 EU budgetary period, double the amount in the previous seven-year fiscal cycle, he said.

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The amount includes 140 billion forints of credit, he added. Hungary has committed to raising spending on Research and Development to 1.8 percent of economic output by 2020, a goal that is within sight, Mr Cséfalvay emphasised.

(Ministry for National Economy)

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