MÁV signs five-year track operation agreement with state

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State-owned Hungarian railway company MÁV on Tuesday signed a five-year track operation agreement in the framework of which it can issue HUF 35 billion of bonds this year, the National Development Ministry and MÁV said.

The agreement was signed by National Development Minister Tamás Fellegi and MÁV chairman-CEO Ferenc Szarvas.

The agreement makes planning MÁV 's financing more predictable, allowing the state to reimburse it for losses incurred because of its mandate to operate the network of tracks. It allows MÁV for the first time to count on long-term state commitments, it added.

A government resolution dated August 22 authorized MÁV to issue the HUF 35 billion in bonds this year. The bonds carry a state guarantee.

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