Rail Baltica financing gets final EU approval

RBEuropean Union Member States approved on July 10th 2015 unanimously of the European Commission’s transport infrastructure support package with a total volume of EUR 11.93 billion, a part of which is the Rail Baltica project.
A proposal for the funding decision was made by the European Commission on 29 June, and the last week approval by the Member States, therefore, makes the financing decision of Rail Baltica final, Estonian economy and communications ministry announced.
Estonian economy and infrastructure minister Kristen Michal said that the decision gives certainty to go ahead with the project. “Rail Baltica railway connection brings to the Baltic Sea region, including Estonia, a major investment and will in the future ensure a quick and secure connection with our allies in Europe, which a small country at the edge of Europe can certainly rejoice about,” said Michal.
Michal said the package approved is the largest single investment of the European Commission in transport. “Such an evaluation indicates very clearly that Europe has set an aim of connecting its member states with stronger connection routes, focusing in particular on cross-border projects, which surely also means growth of Estonia’s economic potential,” explained the minister.
The Commission previously announced that EUR 540 million could be earmarked for the Rail Baltica project.
By the end of July 2015, the Commission will formally adopt the funding decision. Funds will start being disbursed as of the last quarter of 2015.

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