Hungary Seeks to Cut Orban-Linked Firms From EU Defense Loan

Hungary’s incoming ruling party wants to divert €16.2 billion ($19 billion) in European Union defense loans away from companies linked to outgoing Prime Minister Viktor Orban as it seeks to speed up access to the funds.

Budapest is set to become the biggest recipient — after Poland and Romania — of loans under the EU’s €150 billion program known as SAFE, which allows countries to procure defense equipment. While the European Commission, the EU’s executive arm, has given initial sign-off for Hungary to receive the funds, it is the only remaining EU applicant country awaiting final approval.