Hungary’s Eximbank begins talks to finance Azeri rail project

Int’l Relations

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The Hungarian Eximbank has initiated talks on financing a €500 million railway project in Azerbaijan, Minister of Foreign Affairs and Trade Péter Szijjártó said after talks in Baku yesterday, Hungarian news agency MTI reported.

The Azeri government is open to involving Hungarian companies in the construction of the 162 km stretch that would be part of a line running from the Persian Gulf region all the way to Helsinki, as long as Hungary participates in the financing of the project, Szijjártó said. 

The sides at the talks also agreed on a possible cooperation in the area of exploration between Hungarian oil and gas company MOL and Azeri peer Socar, he added.

Agreements were reached on raising the volume of live cattle Hungary exports to Azerbaijan, as well as on the renewal of an order from Budapestʼs waterworks Fővárosi Vízművek to plan and build water reservoirs, he said.

Szijjártó noted that Azerbaijan will start gas deliveries to the West in 2018. Due to economic ties with Azerbaijan and its role in energy security, Hungary is pressing for the establishment of a strategic partnership between the country and the European Union as soon as possible, he added.

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