Russian President Vladimir Putin with the Prime Minister of Hungary, Viktor Orban in 2 February (Kremlin)

Putin offers 100% funding for Hungary’s new nuclear plant

6 February 2017 | By GCR Staff 2 Comments

Russia is ready to lend Hungary all the money it needs to build the new Paks Nuclear Power Plant if the right agreement can be signed, Russian President Vladimir Putin said last week.

After meetings with Hungarian Prime Minister Viktor Orban on 2 February, Putin told reporters the project is worth €12bn, and the two new Russian-designed reactors would double Hungary’s electricity supply, while creating 10,000 jobs.

In 2014 Russia agreed to fund 80% of the scheme to expand the existing power station at Paks, but the project has been the subject of a European Commission review.

“I apprised the Prime Minister of other options,” Putin said in response to a question, according to a transcript published by the Kremlin. “We are prepared to finance 100% of it, but then the terms and conditions of the agreement should be slightly different. We can do this as well.”

Putin added: “Please note also that, as I mentioned earlier, it is also about creating 10,000 new well-paying high-tech jobs. This will, of course, improve reliability and grow the Hungarian economy in general.”

Image: Russian President Vladimir Putin with the Prime Minister of Hungary, Viktor Orban in 2 February (Kremlin)