Chinese To Finance Bulk Of Budapest-Belgrade Rail Link

  • 22 Mar 2016 8:00 AM
Chinese To Finance Bulk Of Budapest-Belgrade Rail Link
Commenting on the planned modernisation of the Budapest- Belgrade rail link, Foreign Minister Péter Szijjártó said the project is in the interest of central Europe and the western Balkans, and also fits well in the Chinese Silk Road scheme.

The Hungarian government has submitted to the European Commission an intergovernmental agreement on construction with an appendix on acquisitions and will present a related bill to parliament this week. China’s Eximbank officials will arrive in Hungary in early April and present a credit financing proposal to the economy ministry.

Some 85% of the project is planned to be financed from Chinese credit, he said. Meanwhile, Szijjártó said that more than 125,000 Chinese tourists visited Hungary last year, nearly 40% more than in the previous year. Direct flights between the Hungarian and Chinese capitals started last May and visa issuance procedures have been speeded up.

Eximbank has signed an agreement with the Chinese Development Bank to continue financing Chinese investments to Hungary, Szijjártó said. China’s deputy minister of trade Zhong Shan said both countries can be proud of Chinese investment in Hungary exceeding 3 billion dollars, the largest in central Europe, last year and the high level of trade.

China has always considered Hungary one of its major strategic partners in Europe, he added.

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