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Balatonring project kicks off

Groundwork on the Balatonring motor racing track in western Hungary have commenced, newswire MTI reported citing Tamás Suchman, head of the Balaton development council (BTF) and coordinator of the investment.

Suchman added negotiations about securing the required finances are still underway. Even though the terms of financing have not yet been settled, the investors had to launch actual work if Hungary is to host a MotoGP event next year as planned, state secretary István Ujhelyi said.

BTF and the consortium led by Spain’s Sadesa have declined to receive non-refundable central grants, and instead asked for loans. The state-owned development bank MFB will complete the related document by mid August, Ujhelyi said. (Napi Gazdaság)