Hungary’s progress in reforms under its new government will allow the European Commission to unlock €16.4 billion (around $19 billion) of previously frozen EU recovery and cohesion funds for the country, European Commission head Ursula von der Leyen said.
Von der Leyen told reporters after meeting Hungary’s Prime Minister Peter Magyar that the EU would unlock €10 billion ($11.6 billion) from the recovery fund, called Next Generation EU, and €4.2 billion ($5 billion) in cohesion funds, with a further €2.2 billion ($2.5 billion) as the reforms are completed.
“I can confirm that €10 billion ($11.5 billion) has been or will be unfrozen from Next Generation EU, along with €4.2 billion ($4.8 billion) from cohesion conditionality and €2.2 billion ($2.5 billion) for academic freedom, bringing the total to €16.4 billion ($18.8 billion),” von der Leyen said.
“That is quite a sum, but …the Hungarian people deserve it. Again, many, many thanks for the outstanding work that has been done,” she said.
EU funds are crucial to kick-start the Hungarian economy, which has practically stagnated for three years.
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