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Nov 27, 2017 15:59 EEST
November 27 (SeeNews) - Serbia said on Monday it plans to invest $350.1 million in its project for the overhaul of the Belgrade-Stara Pazova railway section, part of the railway line linking Belgrade to Hungary's capital Budapest.
The overhaul of the 34.5 km-long railway section will be carried out by China Communications Construction Company (CCCC) and China Railways International (CRI), the Serbian government said in a statement.
The project will allow to increase the maximum speed of trains circulating between the Belgrade central railway station and Batajnica to 120 km/h and between Batajnica and Stara Pazova to 200 km/h, the government said.
The overhaul project will be launched officially in the presence of Serbian prime minister Ana Brnabic and Wang Xiaotao, deputy secretary general of China's National Development and Reform Commission (NDRC) on Tuesday.
Last month, Serbia's prime minister Ana Brnabic said that $40 million will be invested by the end of 2017 in the project for the overhaul of the Belgrade-Stara Pazova railway section. In May, the government said the modernisation works will be funded with a $297.6 million loan from the Export-Import Bank of China. The loan will be repaid in 20 years, including a five-year grace period, Serbian infrastructure minister Zorana Mihajlovic said at the time.
($ = 0.83716 euro)
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