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EU to provide funding for building Rail Baltica
BC, Tallinn, 29.06.2015.
Print version
Print versionEuropean Commission announced their intention to fund Baltic States' project for building the Rail Baltica railway route, writes LETA/Postimees Online.
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The financing application involved EUR 540 million, Estonia's share of the grant for building the new railway route will be approximately EUR 213 million, stated the Ministry of Economic Affairs.
Rail Baltica is a brand new railway route of the rail width of 1,435 millimetres connecting Estonia, Latvia and Lithuania with Europe.
The implementation of project could cost EUR 1.27 billion to Latvia and EUR 3.68 billion to the Baltic States altogether. The European Commission could co-fund 85 percent of the project's costs. The request for funding was submitted to the European Commission this past February, so construction of the railroad could begin in 2016. Further funding for the project is to be provided as part of the next financial period that will begin in 2020.
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