European Commission President Ursula von der Leyen said she is ready to unblock up to €16.4 billion ($19.1 billion) in frozen European Union funds for Hungary if the new government of Prime Minister Péter Magyar delivers on crucial reforms.
Recent efforts to realign Hungary with EU values and standards "are strong signals that Hungary is turning the page," said von der Leyen on Friday, speaking alongside Magyar in Brussels.
Hungary can hope for €10 billion in grants and loans from the EU's Covid-19 recovery fund after Magyar and the commission agreed on how to invest the money, von der Leyen said.
In addition, Budapest can expect a total of €6.4 billion from the EU's funding programme for economically disadvantaged regions subject to pending reforms.
The EU funds earmarked for Hungary were frozen due to what the EU has seen as rule of law violations and democratic backsliding under former prime minister Viktor Orbán.
