State aid: Commission approves €2 billion Hungarian investment support scheme towards a sustainable recovery

Daily News 03 / 03 / 2022


Economia - pubblicata il 07 Marzo 2022


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Source: European Commission Spokesperson’s Service

The European Commission has approved a €2 billion Hungarian scheme aimed at providing investment support towards a sustainable recovery. The scheme was approved under the State aid Temporary
Framework
. Under this measure, the aid will take the form of subsidised interest rate loans for small, medium and large companies to finance sustainable investments in tangible and intangible
assets, in line with EU and national environmental objectives. The measure will be open to companies of all sectors, with the exception of credit and financial institutions, companies active in the
real estate sector and companies performing certain activities considered as potentially harmful to the environment such as exploration, production or use of fossil fuels for energy production,
destruction of forests or endangerment of biodiversity. The public support will come with strings attached to limit undue distortions of competition, including safeguards to limit the risk of
possible indirect aid in favour of the financial intermediaries channelling the support. The scheme is expected to benefit from 500 to 1000 companies. The Commission found that the Hungarian scheme
is in line with the conditions set out in the Temporary Framework. The Commission concluded that the Hungarian scheme is necessary, appropriate and proportionate to foster investment for certain
economic activities of importance for a sustainable recovery, in line with Article 107(3)(c) TFEU. On this basis, the Commission approved the aid measure under EU State aid rules. Executive
Vice-President Margrethe Vestager, in charge of competition policy, said: “This €2 billion scheme will help Hungary overcome the investment gap left behind by the crisis and
set the path for a faster and more sustainable recovery. We continue working in close cooperation with Member States to ensure that national support measures to kick-start and crowd-in private
investment can be put in place as quickly and effectively as possible, in line with EU rules”. A press release is available online.

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