“Announcement: 300 billion forints of EU funds have arrived in Hungary,” wrote Mihály Varga in a post on his social media page. The Finance Minister said: 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.
The Minister also said recently that the recovery plan has been officially supplemented with a loan tranche of 3.9 billion euros and an 0.7 billion euros non-reimbursable fund from the RePowerEU plan, in addition to the 5.8 billion euros in non-reimbursable aid. He reminded 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 at 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 by 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 said at the time.
Via Magyar Nemzet, Featured image: Facebook/European Commission
