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Three-way agreement signed on Budapest-Belgrade rail line

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An agreement signed on Wednesday will pave the way for the modernization of the rail line between Budapest and Belgrade. 

The agreement was signed by Hungarian Foreign Minister Péter Szijjártó, Serbian Minister of Construction, Transport and Infrastructure, Zorana Mihajlovic and the deputy head of China's National Development and Reform Committee Xu Xianping, and will be followed up by the preparation of a feasibility study, and financing model for the project.

Mihajlovic said the final feasibility studies could be completed as early as the end of June, allowing work to start by year-end. The Chinese partner in the project is offering to finance 85% of the costs for a project with a total price tag of almost $3 bln.

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