Hungary closed a record year in the absorption of EU development funds in 2014. Based on relevant data, the 100 per cent absorption of the funds available during the previous fiscal period is almost certain, Deputy State Secretary for Development Policy Communication Nándor Csepreghy announced.

Based on end-of-December 2014 data, HUF 1,845 billion has already been disbursed; however, this figure may increase somewhat as due to the holidays, the Hungarian State Treasury may still receive further confirmations from commercial banks  - the Deputy State Secretary said.

Nándor Csepreghy stressed: altogether Hungary has disbursed HUF 6,865 billion from the development funds made available during the 2007-2013 period. Based on the Government’s expectations, Hungary will have almost certainly attained the 100% absorption target in respect of the development funds made available to Hungary during the 2007-2013 EU development cycle, given that in 2015 less money will have to be disbursed than in previous years and additionally, beneficiaries will complete and account for a much larger number of calls.

The Deputy State Secretary takes the view that Hungary may be the first Member State to use 100 per cent of the available development funds. Nándor Csepreghy pointed out that the negative projections concerning a major loss of EU funds have proved to be wrong as Hungary has out-performed the pro rata level by some HUF 150 billion.

The disbursements of the 2007-2013 period will be closed in 2015, the Deputy State Secretary said, and added that the Government had authorised a higher commitment level in the absorption of EU funds in order to guarantee a 100 per cent absorption rate even in the event of the failure of some projects. This year, parallel to the closure of the 2007-2013 multiannual period, more and more calls will be announced for the absorption of the 2014-2020 development funds.

At the end of 2014 the spokesperson of the European Commission said that most of the Hungarian operational programmes have been approved on a professional level, however, the official notification has not yet arrived. Once the approval is official, the Government may immediately place the issue of calls for the new development period on the agenda, Nándor Csepreghy said.

(Prime Minister's Office)