Hungary, China sign loan deal for Budapest-Belgrade Chinese rail project

Hungary and China have signed a loan agreement to finance the construction of a railway link between Budapest and Belgrade, Finance Minister Mihaly Varga announced in a video on his Facebook page on Friday.

Varga said the loan would carry a fixed interest rate and early repayment option but he did not say what the exact terms were.

Earlier this month, Hungary drafted legislation to classify all data included in contracts for the $2.1 billion, tax-payer funded Budapest-Belgrade rail project for 10 years.