Budapest Council Approves Raising Loan For Metro 3 Upgrade

  • 25 Aug 2014 5:04 AM
Budapest Council Approves Raising Loan For Metro 3 Upgrade
The Municipal Council of Budapest has voted to move ahead on the financing of renovations on the city’s Metro Line 3, including making preparations for a loan to fund the project. The councillors voted with 28 in favour and two against, with only representatives of the opposition E-PM party opposing the motion.

They also moved to declare the project a priority investment, and asked Budapest Transport Company BKV to call a tender for the refurbishment of carriages on the metro line in close cooperation with the City and Budapest Transport Centre BKK.

With Monday’s decision, the mayor of Budapest will be authorised to start preparations and talks on a loan to finance the Metro 3 upgrade, and to seek necessary guarantees after consulting with the minister of development.

The Socialists voted in favour of the 60-65 billion forint (EUR 191m) project on Monday, but criticised its financing. Radical nationalist Jobbik also called for using state funds to support the development.


Follow that link to sign-up for MTI’s twice-daily newsletter.

  • How does this content make you feel?