Budapest needs Ft 50 billion in order to pay its own share when funding future investment projects, deputy mayor Imre Ikvai-Szabó told reporters on Thursday, adding that City Hall wants to raise those funds by selling shares of gas supplier Fõgáz.

Mayor Gábor Demszky said nearly 60% of the pledges made in 2006 have been implemented. Tram traffic can start on Szabadság híd by Christmas and car traffic by next May, he added.

Fidesz Budapest city council group leader István Tarlós responded that Budapest’s debt stock is approaching Ft 170 billion and, as a large part of that is in foreign currencies, its burdens will rise.