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Further details of Horizon 2020’s budget have emerged following the ITRE committee’s approval of the programme’s cost. MEPs set a target for allocating 11% of the budget to SMEs and stated that a special SME department will be created to ensure that calls for projects are SME friendly. The budget was negotiated to have 740 million euro for the purpose of expanding the number of researchers and institutions that participate. In other words, this amount will be used for the promotion and attraction of new applicants and networks of institutions to utilize Horizon 2020. Committee members and contributors to the programme also ensured 85% of the energy budget for non-fossil fuel energy research, 15% of which is for the research of energy efficiency.
Additionally, the ITRE committee approved the budget for COSME, a programme for the competitiveness of enterprises and SMEs. The COSME budget is now stated as being 2 billion euro with 60% allocated for risk-capital or loan guarantees, the main mechanism of the programme. MEPs also pushed forward with reduced bureaucracy for SME participation in EU funded programmes.
Finalizing the Horizon 2020 budget still requires a vote in Parliament and the Council of Ministers. The voting will take place once the long term budget has been approved. The budget for Horizon 2020 is estimated to be 77 billion euro.