(ANSA) - BELGRADE, 09 LUG - China and Serbia have a signed a commercial agreement for the reconstruction and modernization of the railway Belgrade-Budapest, worth almost one billion euro, at the at the summit of China and Central and Eastern Europe, held in the Bulgarian capital during the last weekend. The agreement is worth 943 million euro and concerns the part of the railway between Novi Sad, Subotica until the Hungarian border at Kelebija. The funds will fully cover the works on this part of the rail link. The Serbian prime minister, Ana Brnabic, noted that the modernization of the Belgrade-Budapest railway, jointly implemented by Serbia, Hungary and China, "is the first cross-border project" developed under the so-called 16+1 China-East and Central Europe cooperation mechanism "and is crucial for infrastructure connectivity," a statement of the Serbian government said. (ANSA).