EC Clears Top-up of State Aid for Hungarian Businesses

EU

The European Commission on Friday approved a HUF 1.23 trillion increase in fiscal support for Hungarian companies hit by the economic fallout from the war in Ukraine, according to a report by state news wire MTI.

The EC also cleared modifications to the duration and interest rates of loans, and aid ceilings in existing schemes, as well as an extension of the period during which the aid may be granted until end-2023.

The commission found the schemes remain "necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state", in line with the Treaties and conditions set out in the Temporary Crisis Framework.

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