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Budapest mayor: EU may support M3 renovation

The European Union could cover at least 60% of the costs of renovating Budapest’s busiest metro line M3, Budapest Mayor István Tarlós said on Friday, adding that talks on financing the remainder of the project’s costs have taken place with the European Commission and the European Investment Bank.

“Taking out a mammoth loan for the metro renovation is out of the question,” said Tarlós, quoted by the Hungarian news agency MTI. Tarlós also dismissed reports by Hungarian daily Népszabadság suggesting that the capital would have to borrow the entire amount of the project financing, which could amount to HUF 137.5 billion.

The mayor said that even “pessimistic projections” suggest the city would only need to repay credit of HUF 40–50 billion.