BUDAPEST, Hungary — The reconstruction of the railway line between Serbia and Hungary, a project financed mostly by China and its “new Silk Road” initiative to expand commercial ties with Europe, Asia and Africa, was inaugurated Tuesday by Chinese and Serbian officials. Construction machines removed parts of an old Serbian railway and the initial stretch of the project in Serbia is expected to be completed in three years, carried out by Chinese companies in line with European Union standards. The segment in Serbia is expected to cost $2 billion, while the latest estimates for the Hungarian section stand at $1.8 billion. Speaking at a press event with Li after the two countries signed numerous investment and trade agreements, Orban said the region needed Chinese capital to grow. We are still committed to multilateralism and support of free trade.”——–Jovana Gec in Belgrade, Serbia, contributed to this report.

Source: National Post November 28, 2017 15:46 UTC