Brussels moves to release €16 billion in frozen funds to Hungary

The European Union is ready to release more than €16 billion in previously frozen funds for Hungary’s new government, European Commission President Ursula von der Leyen has announced.

Speaking at a joint press conference with Hungarian Prime Minister Péter Magyar, von der Leyen noted that the funds had been frozen due to disagreements with the previous Hungarian government.

“We have agreed now on a safe and solid lending zone and therefore subject to the reforms that are being adopted and investments implemented. I'm very happy to announce today that we can unlock 10 billion euros for Hungary,” von der Leyen said, referring to money from recovery and resilience funds.

She also emphasised progress in unfreezing state operational funds, which could additionally release €4.2 billion.

In total, the amount of funds potentially made available to Hungary exceeds €16 billion.

By Jeyhun Aghazada