Hungary receives over 700 mln euros from Brussels’ RePowerEU Fund

Hungary received about 706 million euros of aid from the EU under the RePowerEU program, which implies a "green transition" and reduction of energy dependence from Russia, the Hungarian Minister of Finance Mihaly Varga announced.

"The amended plan of rebuilding of Hungary was approved by EU Ministers of Finance on December 8, which opened a path to provision of the funding," he said on social media, TASS reports.

The Minister pointed out that "the sum, transferred on Thursday, was provided from RePowerEU funds." Varga added that these funds will be used for a "green transition" to carbon-free energy in Hungary.

The RePowerEU program, initiated by the EU in May, 2022, aims to reduce the member states’ dependence on Russian energy by conservation of energy, development of clean energy and use of alternative power sources.

On December 13, the EU announced that it will transfer 10.2 billion euros from its Cohesion Fund that will be spent on the development of territories. Budapest seeks several more billion euros from EU’s Cohesion and Recovery funds, claiming that it has fulfilled the required preconditions in areas of rule of law and combating corruption. Hungary accuses the EU leadership that it tries to withhold these funds for political reasons, because it dislikes Hungary’s independent policy, including its approach to the conflict in Ukraine.