On October 28, Rail Baltica II joint venture of the Baltic States was established for successful implementation of the Rail Baltica II European standard railway line project. The project dates from 2005, but has seen delays due to disagreements among the three partners Estonia, Latvia, and Lithuania.
The agreement was signed by the representatives of the three Baltic State companies – Rail Baltica Statyba (Lithuania), Eiropas Dzelzcela Linijas (Latvia) and Rail Baltica Estonia (Estonia). The Ministers of Transport of three Baltic States were also attending the ceremony.
The three countries will each hold a 33.3% share in the new company. The company’s head office is located in Riga and the main activity is the design, construction, and international marketing of the railway line.
The investment for the 728 km Rail Baltica II project is estimated at EUR 3.68 billion.
By the beginning of 2016, the detailed technical study of the Rail Baltica II of the Latvian phase will be carried out with focus on the environmental, technical and economic aspects in order to determine the exact allocation of the planned Rail Baltica II railway line in the territory of Latvia, including conjunctions to ports and airports. According to the research, the technical project is expected to be developed till 2019 in order to start the construction process in 2020 and finish it in 2024.