The revamp of the Budapest-Belgrade rail line could begin this year once the necessary agreements between the Hungarian and Chinese governments are signed, Foreign Minister Peter Szijjarto said.
The Hungarian-Serbian-Chinese working group dealing with the modernisation of the railway line held its third session at the foreign ministry on Thursday.
Szijjarto said the inter-governmental and financing agreements between Hungary and China would be signed by October 31. The minister said China would send its financing offer by August 15, adding that its conditions would need to be more favourable than standard market conditions.
The renovation of the 166 km long rail section in Hungary will be 472 billion forints (EUR 1.5bn), Szijjarto said.