Budapest council approves HUF 15bn for BKV

Telco

The Budapest municipal council on Wednesday decided to give the capital’s troubled public transport company BKV a HUF 9bn loan and a further HUF 6bn in support.

The decision was taken with a vote of 20 ayes, one nay and eleven abstentions.

The city will transfer HUF 4bn of the HUF 9bn loan as well as the HUF 6bn in support within days. The HUF 9bn loan must be repaid by April 30.

Mayor Istvan Tarlos said BKV had taken out HUF 27bn in loans to cover operating costs over the past eight years. He added the city was using the last of its reserves because of BKV.

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