Hungarian railway company MÁV, the China Railway International Corporation and China Railway International Group have set up a joint venture for coordinating the upgrade of the Hungarian section of the Budapest-Belgrade railway line.
The JV is 85% owned by the Chinese partners and 15% by MÁV and is named Kínai-Magyar Vasúti Nonprofit. Tenders are envisaged for the planning of the upgrade and construction work some time next year. The upgrade’s cost will be 85% financed by the Chinese partners.
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