Budapest’s M3 subway line is to undergo a complete renovation following a contract signed on Thursday, it has been revealed.
The project is scheduled to receive 120 billion HUF in European Union funding and 20 billion from the central budget, a government official confirmed.
The contract was signed between the Ministry of National Development and Budapest transport company BKV last week.
Prior to the announcement, Budapest's local council approved the contract and guaranteed the full 140 billion HUF even if EU funding for the project failed to materialize.
The renovation project will begin in November 2016 and is scheduled to be completed by the summer of 2019.
Rails, security equipment and control centers will be replaced while escalators, and stations will be renovated and expanded as part of the project.