Peter Szijjarto said on Facebook that the government had decided hardly a week ago not to wait for the European Union procedure which could extend for four years but offer support to Hungarian companies in trouble this year already.

“Extended transfer is no solution right now, there is no time to wait because the economy will soon recover and our interest is that Hungarian companies should be well-capitalised and be able to take the best possible starting position now for the new global economic competition,” he said.

A 22 billion forint (EUR 63m) allocation set up by the EU will be made available now from state resources to all Hungarian companies that are willing to carry out investment to boost exports despite the difficulties that result from Brexit, Szijjarto said.

The main conditions for support have been published already a detailed announcement will be made on October 1, after which date Hungarian companies will have ten days to prepare their applications, he said.