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Lázár: Hungary negotiates metro renovation with Brussels

Deals

The Hungarian government is in negotiations with the European Commission on funding for the renovation of Budapest’s M3 metro line, Hungary’s Cabinet Chief János Lázár said yesterday, adding that renovation is expected to start soon.

Speaking at his regular weekly press conference yesterday, Lázár said that whether the renovation project, which is estimated at HUF 140 billion, could receive funding from the European Union was a “difficult question”, as the EC recommends the investment be financed by a lender as it is recoupable one, Hungarian news agency MTI reported. 

The chief added that the European Investment Bank could finance the renovation, as such an EIB loan would be backed by a state guarantee, according to MTI.

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