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Baltic joint venture RB Rail registered

BC, Riga, 16.11.2014.Print version
The three Baltic countries' joint venture, the joint-stock company RB Rail has been registered with the Register of Enterprises of Latvia, as the Transport Ministry of Latvia informed LETA.

The share capital of RB Rail is EUR 1.95 million. According to the shareholders' agreement, the main objective of the joint venture will be the designing, construction and marketing of the Rail Baltica railroad.


The council of RB Rail includes two representatives from Estonia, Lithuania and Latvia each. The council will be chaired by Anti Moppel, his two deputies are Ugis Magonis and Dainius Budrys, and the remaining council members are Kaspars Briskens, Vaidotas Balynas and Indrek Orav.


Edvins Berzins is the chairman of the company's interim board. The main task for the joint venture at the moment is to prepare all the necessary documents so the company could apply, by February 2015, for the European Union's funding for implementation of the Rail Baltica project.


As reported, the Rail Baltica project deals with construction of a new 1,435 millimeter standard-gauge railroad in the Baltic countries. 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 will be submitted to the European Commission in 2015, 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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