Parliament clears agreement on Budapest-Belgrade rail line upgrade

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The Hungarian Parliament yesterday approved an agreement between Hungary and China to finance an upgrade of the rail line connecting Budapest and Belgrade, Hungarian news agency MTI reported.

Under the agreement, signed during a visit by Prime Minister Viktor Orbán to Beijing last November, a 20-year loan from China will finance 85% of the HUF 472 billion project. 

The upgraded rail line will become part of a corridor to transport Chinese goods to Europe. The renovation is expected to be completed in 2018 and will reduce the time required to travel between the two capitals by train from eight to three-and-a-half hours.

The agreement was approved with 123 voting in favor, six against and 45 abstaining.

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