Latvia’s Transport Minister Anrijs Matiss stated that the preparations for Rail Baltica JV had been finalized and the agreement would be signed in Riga on October 28.

According to Latvia’s minister, the joint venture is likely to apply to the European Commission for project co-funding late this year or early in 2015.

The consensus on the joint venture shareholder agreement was reached by negotiators in June. Rail Baltica Statyba, a subsidiary of Lithuania’s railway operator Lietuvos Geležinkeliai (Lithuanian Railways), will hold a one-third stake in the joint venture. Latvia’s Eiropas Dzelzcela Linijas and Rail Baltic Estonia will own the remaining shares.

The total length of Rail Baltica is around 360 kilometres in Lithuania, slightly more than 300 kilometres in Latvia and about 300 kilometres in Estonia. According to various estimations, the project may cost between 13 and 18 billion litas (EUR 5.2 b). The European Commission (EC) may co-fund up to 85 percent of project costs.

The European-standard gauge railway will connect Helsinki with Warsaw through Tallinn, Riga, Kaunas and Vilnius and will be extended up to Berlin.

Source: www. delfi.lt