BREAKING: Hungary gets EUR 779.5 million in EU funding

Finance Minister Mihály Varga announced on his website that Hungary has received EUR 779.5 million in EU funding.

“Hungary’s amended recovery plan was approved by the EU finance ministers on 8 December, thus the obstacle to the disbursement of the funds due to Hungary has been removed,” Finance Minister Varga Mihály announced in his Facebook post.

On Thursday, Hungary received EUR 779.5 million, or nearly HUF 300 billion, from REPOWEREU funds.

Tibor Navracsics, Minister of Regional Development, said that “payments have started, finally the first part of the EU funds that Hungary is rightfully entitled to is at home! At the beginning of January, payments for the operational programmes will also start, so the first significant amount of EUR 445 million will arrive soon!”

By the end of November, the European Commission may release EUR 13 billion from the Cohesion Fund for catching up member states due to Hungary’s progress in judicial reform – Hungary would receive a total of EUR 21.7 billion from the 2021-2027 budget, index.hu reports.

This amount is sufficient to start programmes that have been put on hold due to the withholding of funds. This could help the construction industry and the Hungarian economy in general, and will even have an impact on the Hungarian forint.

Read also:

• Hungary’s EU funding for the 2014-2020 projects under completion