The Budapest Public Transport Company (BKV) is looking to receive HUF 137.5 bln from EU grant money to help cover the costs, Szalóki said.
The renovation is expected to cost an estimated HUF 200 bln, including upgrades to trains, tunnels and stations, MTI reported.
Hungary is communicating with Joint Assistance to Support Projects in European Regions (JASPERS) regarding the investment for the renovation, Szalóki said.
JASPERS is a technical assistance partnership between the European Commission, the European Investment Bank, and the European Bank for Reconstruction and Development, and it provides advice to beneficiary countries preparing for large-scale projects, MTI said.
The upcoming analysis from JASPERS could recommend the M3 project to get grant money, credit, or some combination of both, Szaloki said, according to MTI.
The European Union could cover at least 60% of the renovation costs for the M3 project, Mayor of Budapest István Tarlós said earlier in the month.
The Hungarian government announced in the beginning of July that it would cover the additional cost of contracting replacement bus services while the M3 metro undergoes renovation, following a lengthy dispute with the city of Budapest.
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