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JV set up for Budapest-Belgrade railway upgrade

Telco

pixabay

Hungarian state-owned railway company MÁV, the China Railway International Corporation and China Railway International Group have set up a joint venture for coordinating the upgrade of the Hungarian section of the Budapest-Belgrade railway line, MÁV told local news agency MTI on Saturday.

The joint venture is named Kínai-Magyar Vasúti Nonprofit, and is 85% owned by the Chinese partners and 15% by the Hungarian state firm. 

Tenders are envisaged for the planning of the upgrade and construction work some time next year, MTI reported. The upgrade’s cost will be 85% financed by the Chinese partners, the agency added. The line is expected to become part of a corridor for bringing Chinese goods to Europe.

Minister of Foreign Affairs and Trade Péter Szijjártó earlier estimated the projectʼs cost for Hungary at HUF 550 billion, MTI recalled. The total cost, though, was reported last week to potentially reach up to HUF 700 bln, according to calculations by Hungarian daily Magyar Nemzet, citing unnamed government sources. 

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