- 15 Jan 2015 8:00 AM
The document was signed by Hungarian Foreign Minister Péter Szijjártó, Serbian Minister of Construction, Transport and Infrastructure Zorana Mihajlovic and the deputy head of China’s National Development and Reform Committee Xu Xianping.
The rail line will serve to transport Chinese goods headed for markets in Europe. “One of the most important routes of global trade will pass through Hungary and Serbia,” Szijjártó said. Mihajlovic said the final feasibility studies could be completed by the end of June, allowing work to start by year-end.
The Chinese partner in the 3-billiondollar project is offering to finance 85% of the cost.
The modernisation of the line will cut the travel time between Budapest and Belgrade from eight hours at present to under three hours.
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