“The government gives Budapest permission to take out a loan for the renovation of the M3 line, and is even ready to help the borrowing with a state guarantee,” Varga told a press conference.

Budapest is unable to carry out the renovation on its own, he said, noting that the project is a matter of urgency, and the safety of passengers requires immediate steps.

Legislation passed in 2011 allows municipalities to borrow only with the permission of the central government. The cost of fully renovating the line built in 1976 and extended in 1990 will likely be in the hundreds of billions of forints, MTI estimates.

Source www.hungarymatters.hu

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