Final decision: euro hundred millions to come to Hungary in 2024

European Union finance ministers have approved Hungary’s amended Recovery and Resilience Facility (RRF) plan, clearing another obstacle to the release of funds Hungary is entitled to, the finance minister said in Brussels on Friday.

Mihály Varga told Hungarian journalists after an Ecofin meeting that this meant Hungary will get 3.9 billion euros of RRF loans and 0.7 billion euros of REPowerEU grants on top of a 5.8 billion euro grant.

Ecofin’s approval means that Hungary could receive an advance of 920 million euros in funding as early as January, Varga said.

He noted that the government had decided to allocate the RRF loans towards green transition investments, which 67.1 percent of the programme would be geared towards.

The minister expressed hope that Hungary will soon also gain access to the cohesion and recovery funds, saying the country had met every condition.