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Government launching ‘factory-saving’ scheme

Hungary's government is allocating 150 billion forints (EUR 365.6m) towards supporting investments aimed at improving the energy efficiency of large companies as part of the first phase of a new "factory-saving" scheme, the minister of foreign affairs and trade said on Saturday.

The scheme to be launched on Nov. 2 will be open to companies that invest at least 200 million forints in the expansion of their energy supply capacities with the aim of improving their energy efficiency and reducing energy costs, the foreign ministry cited Peter Szijjarto as saying.

The government will cover 30 percent of the energy-efficiency investments of Budapest-based companies whose applications are approved, while companies based outside the capital will have 45 percent of their investments covered, Szijjarto said.

Companies will be able to apply for a maximum of six billion forints in funding, he said.

The scheme is being coordinated by the Hungarian Investment Promotion Agency (HIPA), he said.

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