The new portal portfolio.hu reports that Hungary will increase the focus of European Funds it receives on economic development to 60 percent for the 2014 – 2020 budget period. That’s up from just 16 percent for the previous seven-year period. The rest of the funds will be spent on modernizing human resources and on infrastructure projects. The European Commission will be allocating €34.5bn for Hungary. The site reports that the amount is roughly €10bn more than had been expected, €10bn being the size of the loan Hungary is planning to take from Russia as part of a deal to build a new power block at the Paks nuclear power plant using Russian technology.
