LV: RailBaltica project could be 85% EU-financed.

By bne IntelliNews January 16, 2012
During the meeting of EU transport commissioner Siim Kallas with PM Valdis Dombrovskis, EU official announced that it was possible to finance 80% of the Latvian part of the Rail Baltica project, while previously 60% of the project was supposed to be financed from EU. Rail Baltic is a part of the Connecting Europe Facility (CEF) infrastructure program and is a fast railway connecting Helsinki, Tallinn, Riga, Kaunas, Warsaw and Berlin. Previously it was estimated that Latvia's participation in the project will cost about EUR 1.3bn. PM Dombrovskis pushed for higher value added of the Rail Baltica Latvian part, raising possibility of connection with Riga International Airport and Riga Port. The project was previously criticised by the Latvijas Dzelzcels railroad infrastructure company, claiming too high construction and maintenance costs given limited transit cargo transportation potential and poor condition of already existing rail infrastructure.

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