China signed separate deals with Hungary and Serbia to construct and revamp a rail link between Budapest and Belgrade. The deals were signed on the sidelines of an annual summit meeting between Chinese and Central and Eastern European leaders.
Details of the two agreements were not immediately available, but Chinese Premier Li Keqiang announced earlier that the construction of the railway line would be underway by the end of this year and be finished within two years. The Budapest-Belgrade rail link could cut travel time between the two capitals by more than half.
The project for the modernization of the Belgrade-Budapest railway was initially agreed upon in 2013. The cooperation plan for the construction of the railway was signed at the beginning of this year in Belgrade.
According to the plan, the construction of the railway should begin by the end of 2015, after a feasibility study and financial model are agreed upon, with the railway scheduled to be fully completed in 2017.
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