The European Union could finally release around €1 billion in funds withheld from Hungary, Bloomberg reports.
The money could reportedly come in connection with the REPowerEU program to reduce Russia’s energy dependence and improve the security of Hungary’s energy supply.
The report comes after the Hungarian government submitted a €3.9 billion loan application for the REPowerEU loan component at the end of August, which comes with €700 million in non-reimbursable grants.
If this total of €4.6 billion is approved, it could be matched by a 20 percent advance, which would amount to almost €1 billion.
The Commission had 90 days to decide whether to approve the revised national recovery plan, meaning it had until the end of November at the latest.
The next meeting of finance ministers will take place on Dec. 8-9, and if the Commission’s plan is given the green light, the 20 percent advance will be paid in two installments, the first in January or February 2024 and the second in December 2024.
