The foundation’s board of trustees, headed by Innovation and Technology Minister László Palkovics, will prepare impact studies and plans before a referendum on the construction of the university, the ministry said.

The government is working to bring a university ranking 31st worldwide to Budapest, to strengthen the competitiveness of Hungarian higher education and to enable Hungarian and central European students to obtain degrees at an elite university in Budapest, the statement said.

Fudan University may help Budapest to become an international knowledge hub, it said.

The government will brief parliament on the preparation and expected costs of Fudan Hungary University by the end of next year, the statement said.