The European Commission's building in Brussels – Photo: wikipedia

EC approves Hungarian EUR 1 billion business support scheme

The European Commission has green-lit a 1 billion euro Hungarian support scheme for businesses with higher energy costs incurred due to the war in Ukraine.

The scheme was okayed under the EU’s temporary crisis and transition framework in connection with measures to support key sectors aiming to reduce their dependence on fossil fuels, the EC said on Thursday.

Under the Hungarian scheme, the higher gas and electricity costs of businesses are partially supported in the form of loans and guarantees. The scheme does not cover the financial sector or businesses considered potentially harmful to the environment.

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