The institute will represent the four countries' historical and cultural heritage as well as their contemporary art, said Ferenc Csák, state secretary in charge of cultural issues at the Hungarian Ministry of Education and Culture.
The building that will house the institute will be inaugurated in 2013, when the Czech Republic takes over the revolving presidency of the European Union.
Also on Friday, Pilsen's International Festival Theatre was presented the Visegrad Prize in recognition of its efforts to bring works by contemporary playwrights from the Visegrad Four countries to the stage.
Source: Hungarian News Agency (MTI) / Photo: Péter Kollányi (MTI)