EUR 1 bln Hungarian Energy Crisis Support Scheme Cleared by EC

EU

The European Commission on Thursday said it approved a EUR 1 billion Hungarian scheme to support companies challenged by higher energy costs in the context of the war in Ukraine, according to a report by state news wire MTI.

The aid, which takes the form of loans and guarantees, is available to companies of all sizes.

The EC said the aid complies with conditions set out in the Temporary Crisis and Transition Framework established to support member states' economies against the backdrop of the war.

The Hungarian scheme is "necessary, appropriate and proportionate" to remedy a serious disturbance in the economy of a member state, it added.

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