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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

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com