The Rakosrendezo train station - Photo: Wikipedia

Ministry: Draft intergovernmental agreement on Rakosrendezo to go before parliament

The government will submit to parliament on Thursday evening a draft agreement between the governments of Hungary and the United Arab Emirates for the development of an area around the Rakosrendezo railway station in Budapest, the ministry of transport and construction said.

The ministry said the development project would enable a full revamp of a 130-hectare area in central Budapest where currently 170,000 cubic metres of waste and dangerous waste pollute the environment and threaten the health of the current residents.

Thanks to a 5 billion euro development, a new city centre can be developed with residential buildings, shopping centres, community areas and public parks, it added.

“The government will help the nearly 2,000 billion forint development which is considered timely and is therefore given priority status by adjusting the regulatory and taxation environments,” it said.

If parliament supports the agreement, it will guarantee a world-class development in a rustbelt area to be carried out in line with European and Hungarian laws, serving national interests and the benefits of Budapest and its residents, the ministry added.

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