The Higher Education Restructuring Fund will distribute HUF 6.76 billion (EUR 26.4 million) to 12 higher education institutions this year to help them reduce their debts, Minister of Human Capacities Zoltán Balog said at a Budapest press conference on Monday.

The government set up the Fund in February 2013 to aid the institutions’ internal restructuring and alleviate their debts. The Minister said the Fund’s money has been used successfully so far as it helped colleges outside Budapest stabilize their situation, make meaningful structural changes and reorganize courses. This year the Fund has a budget of HUF 6.76 billion, which will be distributed among twelve institutions, with a support ranging from HUF 300 million to 1.2 billion.

(Ministry of Human Capacities)