Hungarian Prime Minister Peter Magyar announced a political agreement with the European Union for the release of 16.4 billion euros in previously frozen EU funds. This agreement, reached in talks with European Commission President Ursula von der Leyen in Brussels, will unlock around 6,000 billion forints in EU resources, equivalent to 13 percent of Hungary’s GDP. The funds include 10 billion euros for Hungary’s Recovery and Resilience Plan, 4.2 billion euros in cohesion funds, and 2.2 billion euros for higher education and academic freedom reforms.
The released funds will be allocated to various projects such as energy, transport, housing, digitalization, and support for small and medium-sized enterprises. Hungarian Prime Minister Magyar highlighted that the resources will also be used for electricity grid upgrades, railway modernization, rental housing projects, healthcare, and education development. He expressed satisfaction, calling it a “historic day” for Hungary, as they bring back significant EU support for the Hungarian people.
European Commission President von der Leyen emphasized the importance of the agreement, achieved through cooperation on reforms to enhance anti-corruption measures and the rule of law in Hungary. She mentioned specific reforms undertaken by Hungary, including joining the European Public Prosecutor’s Office, strengthening the Integrity Authority, and revising public procurement rules. The agreement will allow the release of previously frozen funds under different EU mechanisms, supporting key sectors like energy, housing, transport, and small and medium-sized enterprises.
Von der Leyen also announced the reinstatement of Hungarian students’ participation in the Erasmus exchange program from the next academic year, following progress on academic freedom and governance issues in higher education institutions. Further details of the agreement are expected to be disclosed in the upcoming days.
