Estonia won’t Borrow to Build Rail Baltica, Ministry says

The Estonian part of the Rail Baltica super project will not require loans for construction, according to the country’s Finance Ministry.

Estonian public broadcaster ERR reports that, a spokesperson of the Finance Ministry explained the financial situation behind the planned major construction works to deliver the Estonian section of the pan-Baltic high-speed railway.

“A total of 410.7 million euros has been planned alongside the state budget and state budget strategy for 2019-2023 for Rail Baltica construction costs, 316.3 million euros of which consists of external support and 94.4 million euros of co-financing by the Estonian state,» the spokesperson sait to ERR.

“The funds are provided for in the budget, and there is no intention of using loans to cover the Estonian state’s co-financing.»

Rail Baltica is a long-anticipated European standard 1,435 millimeter gauge electrified railway for passenger and freight transport to cover 870 kilometers from the Estonian capital to the border between Lithuania and Poland.

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