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Nov 21, 2017

Hungary to submit EC funding bid for Budapest's metro 3 line

The construction project is projected to receive 137.5 billion HUF (440 million EUR) of European Union financing

Hungary's Ministry for National Development will submit a funding bid to the European Commission for Budapest’s third metro line before the end of November, it has been announced.

According to Világgazdaság, the ministry confirmed the news and revealed that the construction project is projected to receive 137.5 billion HUF (440 million EUR) of European Union financing. However, sources say it is uncertain when the decision will be made in Brussels.

The M3 renovation project started on the northern stretch of the line in early November, and if payments need to be made before a decision is reached in Brussels, the state will provide financing under an agreement between the Budapest transport company BKV and the Ministry. “There is an allocation in the central budget to cover the costs,” the Ministry said.