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Budapest-Belgrade rail contract to be signed by May 25

The tender to upgrade the Hungarian section of the rail line between Budapest and Belgrade has been won by a Chinese-Hungarian consortium, state news portal kormany.hu reported.

Workers from China Railways International and China Construction Company have already started on the modernization of the Belgrade-Budapest rail line in the Serbian capital, as this image from October 2018 shows (photo by Fotosr52/Shutterstock.com)

The company will sign a contract by May 25, said Minister of Foreign Affairs and Trade Péter Szijjártó.

Final details of the financing contract for the upgrade between Exim Bank of China and the Hungarian government are expected to be hammered out by the middle of summer, Szijjártó said. Construction could start early in 2020 and be completed within five years, he added.

China is financing 85% of the cost of upgrading the line, which will form part of a corridor for delivery of Chinese goods to Europe from the Port of Piraeus in Greece, kormany.hu reported.