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Estonia makes nearly €1 million payment to Rail Baltic project

The Estonian government has authorized the Ministry of Economic Affairs to make a first payment of EUR 924,000 to Rail Baltic Estonia, the holding company which represents Estonian interests in the joint venture RB Rail AS. The latter is responsible for the construction of a high-speed rail link between the three Baltic States.

Rail Baltic Estonia will pay EUR 650,000 euros to RB Rail AS, while the rest will be used for 2016 expenses. The money to RB Rail AS will go towards running costs, necessary research and consultation, as well as co-financing EU aid.

The rail link will improve connections between the Baltic states and the rest of the EU. The track will be 700 kilometers long, of which 200 kilometers will be in Estonia.

The total estimated cost of Rail Baltic project is around EUR 3.6 billion.

Source: err.ee

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