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International Internet Magazine. Baltic States news & analytics Saturday, 21.04.2018, 14:21

Raivo Hein wanting to build bridge between mainland, Saaremaa

BC, Tallinn, 12.01.2018.Print version
Businessman Raivo Hein is hoping to start building a bridge across the Big Strait between the island of Saaremaa and the mainland of Estonia already in 2020 if the government approves the idea, the bridge is expected to be completed in three years and will cost up to 500 million euros, the regional newspaper Saarte Haal said, cites LETA/BNS.

Hein's plan actually includes two bridges - after the bridge across the Big Strait is working, the second should in the future connect the islands of Saaremaa and Hiiumaa. "We will bring the islands back to the state of Estonia and we will turn the demographic and economical side to the positive again," he told the newspaper.

 

As for the funding sources, Hein is not planning to bother the state and the whole capital is expected to come from entrepreneurs, the pension funds of Estonia and the Nordin counties and from bank loans.

 

Hein said that a number of Nordic pension funds have the requirement of placing their money in the infrastructure of Nordic countries, but there is a lack of objects for doing so. "In Europe, 60 billion euros are injected into the economy every month. In the end it will still land on real estate, infrastructure and the stock exchange," he said.

 

Speaking about the cost of the bridge, Hein said that based on prior analyses, the price of it would be 400 million euros at present. "But let us be realists and say that it is 500 million euros," he said.

 

Hein's wish is that the bridge benefits everyone in the future. "Estonian people currently have 8 billion euros standing in their bank accounts that is not earning anything. The idea is to list the company after the completion of the bridge so that every person in Estonia could benefit from it," he said.

 

The Port of Tallinn subsidiary TS Laevad last year carried 1.66 million passengers and 0.71 million vehicles between the mainland and the islands of Muhu and Saaremaa.

 






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