Foreign minister Peter Szijjarto – Photo: Facebook

Szijjarto: Companies already getting support under govt rescue scheme

The government scheme for aiding investments that boost energy efficiency in factories has awarded a total of 27.5 billion forints to 25 companies so far, Peter Szijjarto, the minister of foreign affairs and trade, said on Wednesday.

The government launched the Factory Rescue Programme after the outbreak of the war in Ukraine to insulate companies based in Hungary from unpredictable price fluctuations on the international energy markets, the minister noted.

Fully 120 billion forints will be available to 140 companies under the scheme, and this is expected to stimulate 300 billion forints in developments, he said.

The money awarded so far is expected to create investments worth 61 billion forints, thereby safeguarding 12,000 jobs.

Meanwhile, energy use is likely to be reduced by 12,471 megawatt hours.

Developments involve thermal upgrades of factory buildings and renewable energy installations such as solar systems, the minister noted.

All the companies in the scheme are Hungarian, bar one, which is Italian.

Szijjarto said Hungary was one of the 20 countries that had managed in recent years to grow its economy while reducing its emissions.

Under the government’s new investment promotion system, energy developments made as part of capacity or technology investments will be eligible for support up to 50 percent, Szijjarto said.

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