Within Budapest-Belgrade railway project, Chinese party would submit its financing proposal to the Hungarian party by the end of October and a joint venture will be set up to oversee the project, Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó said.
‘According to the plan, the Chinese party would submit its financing proposal to the Hungarian party by the end of October. Hungarian Railways (MÁV) and its Chinese partner will be setting up a joint venture company to manage the project, and this joint venture will be agreeing on the terms and conditions with MÁV by November, after which the parties are expected to agree on the loan construction in Riga on 5-6 November,’ Szijjártó said.
The parties involved in this project agreed that the modernisation of the line is moving forward in accordance with EU regulations and the planned cost of the project is EUR 1.77 billion. The project involves the construction of the second track and the modernisation of the existing tracks in order to allow trains to travel at more than 160 km/h.
Photo: Márton Kovács
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