BUDAPEST, Nov. 18 (Xinhua) -- The Hungarian government will provide 2.3 billion forints (7.86 million U.S. dollars) a year to fund the Chinese-Hungarian joint venture coordinating the reconstruction of the Hungarian section of a 350-km rail line connecting here and Belgrade, Serbia.
The joint venture between Hungary's MAV Rail Company, China Railway Corporation, and China Railway Group Limited was established to coordinate the Hungarian arm of the project and will receive the Hungarian government funding, according to a government decision published in Thursday's Hungarian Gazette.
With 85 percent Chinese and 15 percent Hungarian participation, the joint venture will handle the bidding process, and manage the project for the 166 km between Budapest and the Serbian border at Kelebia.
The goal is to establish a high-speed connection between the two cities to move people and freight more efficiently.
