Step Closer to Rail Baltic: Joint Venture Agreed ({{commentsTotal}})

Source: Photo: Postimees/Scanpix

The three Baltic nations, along with Finland and Poland, have agreed to set up a company to oversee the planning and construction of the Rail Baltic high-speed rail project.

The agreement to form the venture came at a meeting on Tuesday evening, according to the Estonian Ministry of Economic Affairs, and will be signed by the five states in September.

The agreement comes as good news, as Lithuania had threatened to derail the project by being reluctant to join the company. Estonian politicians had voiced their concerns over Lithuania's behavior just weeks ago.

The new company will coordinate preparatory works, including drawing up an application for EU funding, creating a business plan and harmonizing national legislation, among other tasks.

The joint venture, which will leave the ownership of Rail Baltic infrastructure to the nations, not the company, was a precondition for attracting EU funding.