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Hungary has fulfilled all the milestones required to receive the full €10 billion in post-coronavirus recovery funds earmarked for the country, Transport and Investment Minister Dávid Vitézy announced on social media.
The deadline for meeting the conditions attached to the payments expired on Monday.
Prime Minister Péter Magyar, who won a landslide election victory in April, had campaigned on a promise to unlock EU funds that were suspended during Viktor Orbán’s 16-year rule
In May, Magyar and European Commission President Ursula von der Leyen agreed to release €16.4 billion in EU funding that had previously been frozen over rule-of-law and corruption concerns under Orbán’s government.
Of that total, €10 billion is due from the EU’s post-pandemic Recovery and Resilience Facility, which expires later this year. A further €6.4 billion is earmarked for Hungary from the Cohesion Funds, which carry no immediate deadline.
“The prime minister instructed us not to leave a single euro cent behind and to bring all the resources home,” said Vitézy, who oversees the recovery of EU funds within the government. “I can report: we have succeeded.”
In total, Hungary had to deliver on 27 so-called “super milestones” and more than 100 milestones. The Hungarian Parliament amended over 100 laws over the summer to meet the requirements, most of which related to the judicial system and the fight against corruption.
Hungary also amended its National Recovery Plan to ensure it could draw on the funds in time. The revised plan includes measures to modernise the country’s energy grid, railways and rental housing stock.
“By using EU funds, Hungary can return to the path of development after years of lagging behind, and catch up with countries in the region,” Vitézy said.
Monday’s deadline marks the final phase of disbursements under the Recovery Funds, the joint borrowing instrument created by the European Commission to help kick-start economies after the coronavirus pandemic.
“NextGenerationEU helped protect our citizens and economies at a time of great uncertainty,” von der Leyen said in a statement marking the legal deadline. “It accelerated the clean and digital transitions, cutting Europe’s reliance on imported energy. The reforms and the resilience will benefit Europe for generations to come.”
Recipient countries, including Hungary, must submit their payment requests in September. Following an evaluation, the funds will be released later this year.