Estonia makes nearly €1 million payment to Rail Baltic project (1)
The Ministry of Economic Affairs has been authorized by the government to make an initial payment of 924,000 euros into Rail Baltic Estonia.
Rail Baltic Estonia, in turn, will pay 650,000 euros of that money 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.
Rail Baltic Estonia OÜ is the Estonian holding company which represents Estonian interests in the joint venture RB Rail AS, responsible for the construction of a high-speed rail link between the three Baltic States.
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 is around 3.6 billion euros, with the EU forking out most of that money. Estonia itself will still have to pay around 500 million euros.