Hungary allocates additional HUF 12.5 bln for metro renovation

Telco

The central government is allocating another HUF 12.5 billion in funding for the renovation of Budapestʼs Metro 3, a resolution published in the official gazette Magyar Közlöny shows, according to Hungarian news agency MTI.

With the elevated support, the total amount of aid for the project will reach HUF 137.5 bln, MTI noted. The resolution also instructs Hungary’s Minister of National Development Miklós Seszták to submit an application to the European Commission for support for the project, MTI added.

On February 5 Budapest Mayor István Tarlós said he anticipates the renovation of the line to be completed in 2019, even though the source of funding for the project had not yet been confirmed.

In August, it was reported that to complete the refurbishment the state would need to take out a loan for HUF 60 bln, the repayment of which could be as much as HUF 74.5 bln by the time the loan is fully repaid in 15 years.

Budapest public transport company BKV and Russiaʼs Metrowagonmash signed a €219 mln underground carriage renovation contract on August 7 for the refurbishment of the line.

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