The scheme was approved under the State aid Temporary Crisis and Transition Framework, adopted by the Commission in March, to support measures in sectors which are key to accelerate the green transition and reduce fuel dependencies, the EC said.

The aid will take the form of subsidised loans up to 1 billion forints (EUR 2.7m) per borrower. It will be granted no later than December 31, 2023.

“The purpose of the measure is to support the liquidity needs of the eligible beneficiaries, currently affected by the rising inflation rates and the cost increase of gas and electricity linked to the current crisis,” the EC said in a statement.