EC clears EUR 1.14 bln support scheme for Hungarian companies

EU

The European Commission on Tuesday said it approved a EUR 1.14 billion Hungarian scheme to support companies that have been negatively impacted by the war in Ukraine and sanctions against Russia, according to a report by state news wire MTI.

The aid, which will take the form of direct grants, tax reductions, equity and loans, is limited to EUR 400,000 per company in non-farm sectors and must be granted by end-2022. The aid is available to all companies, regardless of size or sector, with the exception of the financial sector.

The EC concluded that the scheme is "necessary, appropriate and proportionate" to remedy a serious disturbance in Hungary's economy.

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