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Slovakia to pay Sk10.6 billion to support Kia

STATE support for the construction of a plant near Žilina for the South Korean car-maker Hyundai Kia will be Sk3.2 billion (€86.5 million) higher than originally planned, the TASR news agency wrote.

The original contract from 2004 had envisaged spending Sk7.4 billion (€200 million), but actual expenditures will reach Sk10.6 billion, according to the Economy Ministry.

"This amount represents the total sum of initial funds approved in March 2004 to support the investment, plus additional expenses approved in October 2005, amounting to Sk3.1 billion, and a further Sk139 million required for purchasing land from the Slovak Land Fund," the ministry's report states.

The ministry attributes the increased expenses to delays in the acquisition process, an underestimation of the resources needed for the preparatory phase, the human factor, and insufficient knowledge of the area chosen for the plant.

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