The advances will help start the implementation of key investment and reform measures outlined in individual chapters of the REPowerEU EU program.

The European Commission has disbursed EUR 140.1 million (about HUF 53.2 billion) in support to Hungary as part of the pre-financing related to the REPowerEU EU funds that help ensure the energy supply, within the framework of the EU Recovery Facility (RRF), the funding is the last installment of the REPowerEU pre-financing - announced the Brussels board on Monday.

This is the second and final installment of REPowerEU's pre-financing, following the pre-financing of the first EUR 779.5 million REPowerEU EU program aimed at more affordable, safer and sustainable energy supply, which was disbursed to Hungary on December 28.

In its statement, the EU commission emphasized that the advances will help start the implementation of the key investment and reform measures outlined in individual chapters of the REPowerEU EU program. It will help accelerate the achievement of energy conservation, clean energy production and energy diversification goals in order to move Europe away from Russian fossil fuels.

Monday's allocation of pre-financing was made possible by the European Union Council's approval of Hungary's revised plan, which includes the REPowerEU chapter of the recovery fund, as well as the signing of the financial agreement, the board said.

The pre-financing payments correspond to a maximum of 20 percent of the resources required to finance the REPowerEU chapter of each member country.

Hungary's amended recovery plan aimed at more affordable, safer and sustainable energy supply, supplemented by a REPowerEU chapter worth 4.6 billion euros (about HUF 1,800 billion), was approved by the European Commission in November. The value of the plan thus currently amounts to 10.4 billion euros (about 4,060 billion forints), of which 6.5 billion euros are non-refundable grants and 3.9 billion euros are loans. This amount covers 67 reforms and 47 investments.

MTI

Cover Image: European Commission Headquarters
Source: Source: Stephane Mignonderivative/Commons.wikimedia.org