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Hungary's parliament approves Budapest-Belgrade railway upgrade

Xinhua, April 13, 2016 Adjust font size:

Hungary's parliament approved the upgrade of the Hungarian section of the Budapest-Belgrade railway on Tuesday.

The parliament passed the Hungarian-Chinese intergovernmental agreement on the construction and financing of this project with 123 votes in favor, six against and 45 abstentions. The agreement was signed on Nov. 24, 2015 in Suzhou, China.

The renovation of the 166 km rail section in Hungary will cost 472 billion forints (about 1.73 billion U.S. dollars), 85 percent of which will be financed by China. The remaining 15 percent of the investment is to be financed by Hungary.

The upgrade is expected to be completed some time in 2018 and will reduce travel time between the two capitals from 8 to 3.5 hours.

The project for the modernization of the Belgrade-Budapest railway was initially agreed on in 2013 at the China-Central and Eastern European countries leaders' meeting that took place in Bucharest. Enditem