The Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and the President of the Chinese National Development and Reform Commission have signed the inter-governmental agreement on the modernisation of Budapest-Belgrade railway line.
The document was ratified in Suzhou in South-China in conjunction with the China-16+1 summit in the presence of Hungarian Prime Minister Viktor Orbán, Chinese Prime Minister Li Keqiang and Serbian Prime Minister Aleksandar Vucic.
“We agreed that we shall implement 85 per cent of the project from credit offered by China; in other words, Hungary will cover 15 per cent from its own resources”, Szijjártó told the correspondent of the Hungarian News Agency MTI after the signing ceremony. The Minister further informed that, according to the agreement, Hungarian-Chinese joint venture for the implementation of the project has been established. MÁV will proceed in this venture on behalf of the Hungarian party.
Szijjártó confirmed confirmed that a section of 166 km long railway line will be completely reconstructed, adding a second track. The project will cost some HUF 472 billion as expected. Passenger trains will be able to travel on the line at the speed of 160 kilometres per hour, and the refurbished railway line will be able to accommodate 740 m long freight trains.