Govt To Guarantee Loan To Renovate Budapest Metro Line, says Economy Minister

(MTI) – The government supports the earliest possible start of a renovation on Budapest’s M3 metro line and would provide a state guarantee to a related loan if necessary, Economy Minister Mihaly Varga said after Wednesday’s cabinet meeting.

“The government gives Budapest permission to take out a loan for the renovation of the M3 line, and is even ready to help the borrowing with a state guarantee,” Varga told a press conference.

Budapest is unable to carry out the renovation on its own, he said, noting that the renovation cannot wait, and the safety of passengers requires immediate steps, he said.

Legislation passed in 2011 allows municipalities to borrow only with the permission of the central government.

The opposition Socialists earlier said that the party was ready to collect signatures demanding the revamp of Budapest’s metro line 3 without delay. In reaction, Budapest Mayor Istvan Tarlos said that the Socialists had done nothing with the line originally built in 1976.

Photo: MTI – Lajos Soos

Source: http://mtva.hu/hu/hungary-matters