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European Bank approves ECU 21 million loan for motorway in Budapest
The Board of Directors of the European Bank for Reconstruction and Development today announced a loan of ECU 21 million to the Republic of Hungary to construct the south-western portion of the orbital motorway around Budapest.
Mario Sarcinelli, Vice President in charge of Development Banking, said: "This loan will help alleviate serious traffic congestion and air pollution in the residential and commercial areas of Budapest. It will also create significant savings in travel cost and travel time."
The objective of the loan is to provide funds to the Hungarian Government to ensure that planned road works can proceed on schedule.
The total cost of the project is ECU 108.8 million: the European Bank will provide ECU 21 million; ECU 22.2 million will come from the World Bank; and ECU 65.6 million from the Hungarian Road Fund.
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