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Program to Help Construction Businesses Announced by the Government

Program to Help Construction Businesses Announced by the Government

Hungary
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The Hungarian Government announced at the end of 2020, that similarly to previous years, it will launch the fifth edition of the so called ‘EPITO’ (“Constructing”) program.

Having a HUF 12 billion fund, EPITO-5 aims to increase the productivity and efficiency of the Hungarian construction sector, specifically to mitigate the negative impact of the coronavirus epidemic on the industry. The goal of the program is to finance technological developments, the purchase of machinery and investments for the purpose of re-industrialization of small and medium-sized construction enterprises with non-refundable aid, thus improving the efficiency and productivity of companies. In order to generate capacity, the program prioritizes the support of trainings, specialization and the spread of digitization in the sector.

The construction industry performed outstandingly in 2019, and in 2020 it adapted well to the pandemic situation. Following the breakdown of the first wave of the pandemic, the performance of the sector continuously improved in the second half of 2020. Since a large number of investments are expected in the nearby future due to reducing the VAT on housing, it is important for the construction sector to get help during the pandemic via economic recovery programs and investments.

The detailed information of the support program and the announcement will be published later in January 2021 on www.kormany.hu and www.emi.hu.

By Gabriella Galik, Partner, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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