Hungarian State Railways planned to develop Hungary - Serbia Railway Hungary Section Project in Hungary. Kinai-Magyar Vasuti Nonprofit Zrt, a Hungarian-Chinese joint venture of MAV Zrt with China Railway International Corporation (CRIC) and China Railway International Group (CRIG), was the construction contractor of the Hungary section of the project. Chinese companies held 85% equity of the project company. Consortium of China Railway No.9 Group Co Ltd, China Railway Electrification Engineering Group Co Ltd, and a Hungary local company was the EPC procurement contractor of the project. The project covered the construction of the reconstruction of 159.4 KM railway. Monorail was to be transformed into electrified double-track railway in the construction process. Modernising the 159.4 km rail was expected to cut travel times between the two cities in Hungary and Serbia from eight hours to just three.It could also speed up the transport of Chinese goods from the Chinese-owned Greek port of Piraeus to markets in Central and Eastern Europe, and even to Western Europe, as well as act as a reference for Chinese rail expertise in the European market. The railway was considered a flagship project of China's Belt and Road Initiative.