Nearly 780 Million Euros in EU Funding Arrives

Hungary Today 2023.12.29.

“Announcement: 300 billion forints of EU funds have arrived in Hungary,” posted Mihály Varga on his social media page. The finance minister said that Hungary’s amended recovery plan was approved by the EU finance ministers on December 8, thus removing the obstacle to the disbursement of the funds due to Hungary. Yesterday, 779.5 million euros, or nearly 300 billion forints, of the RePowerEU funds were transferred to Hungary, Magyar Nemzet reports.

Minister Varga also said recently that the recovery plan has been officially supplemented with a loan tranche of 3.9 billion euros and a 0.7 billion euros non-reimbursable fund from the RePowerEU plan, in addition to the 5.8 billion euros in non-reimbursable aid. He noted that in addition to the RePowerEU support, the Hungarian government will also contribute from the loan part mainly to investments and developments that support the green transition. 67.1 percent of the total program is targeted for this area.

Following the decision on December 8, Mihály Varga expressed his hope that cohesion and recovery funds will be released soon, as Hungary has met all the conditions.

Fact

The European Commission has proposed the RePowerEU project in response to the international energy crisis caused by the war between Russia and Ukraine. Member States are to supplement their recovery and resilience plans with new or expanded measures and investments, mainly to achieve energy savings, diversify energy supply, and boost the penetration of renewables. Hungary submitted its proposal for a separate energy chapter at the end of August. With a total value of more than 2,300 billion forints (6 billion euros), the developments are mainly aimed at modernizing the electricity grid, greening industry, making greater use of geothermal energy, training green economy professionals, and improving energy efficiency, the Ministry of Energy announced at the time.

Commission Approves Hungary's EUR 4.6 Billion REPowerEU Chapter

The country is set to receive EUR 0.9 billion in pre-financing of the REPowerEU funds.Continue reading

Via Magyar Nemzet, Featured image: Facebook/European Commission