ÉKM: tram, rail, flyover and underground development remain part of the Crab Settlement investment

Építési és Közlekedési Minisztérium, representing the Hungarian state, and BKM Budapest Public Utilities Nonprofit Zrt. (a company owned by the Budapest Municipality - editor's note), which is purchasing the land in the rákosrendező area, signed the infrastructure development agreement for the area today, which was also signed by the Municipality of Budapest, the Ministry of Finance said in a statement.

The signed agreement confirms that Budapest is entitled to at least €800 million worth of public infrastructure development in Rákosrendező, just as the Arab investor would have been entitled to.

At current mid-market exchange rates, this amounts to HUF 313.6 billion.

The ministry's statement continues: the agreement - based on the technical content approved by the Urban Development Committee of the Municipal Assembly without dissenting votes - includes

the railway, road and green space developments in the rákosrendező area, especially the construction of the Szegedi út overpass and the tram line through it, as well as the extension of the Millennium Minor Subway.

The state and the capital will hold monthly technical consultations on the coordination of infrastructure development and the international design competition, the statement concludes.