Finland to Establish Limited Company to Participate in Rail Baltica Project
The Rail Baltica project has seen a boost with Finland joining in as a shareholder. The Finnish government’s Cabinet Committee on Economic Policy decided on 1 February 2019 that it would establish a limited liability company, Oy Suomen Rata AB. This company is to have five subsidiaries, of which the Rail Baltica company is one. The state of Finland will also provide 2 million euros to its Rail Baltica company.
Rail Baltica project map © RB Rail AS
Transport ministers from the Baltic states issued an official invitation to Finland to participate in the project at the end of 2018. Finland then accepted this offer, triggering a new phase in the Rail Baltica project. In its statement, the Finnish Ministry of Transport and Communications also said:
“Through its partnership in the venture, Finland will promote the development of the core network corridor from Helsinki to the north.”
The company overseeing the Rail Baltica project, RB Rail AS, said:
“Finland’s participation would make it possible to bring high level of railway technical expertise into the project. Such a cooperation would promote the possibilities of the new railway to Finnish businesses and industries. Furthermore, Finland will promote the development of the North Sea-Baltic core network corridor from Helsinki to the north.”
The Finnish government set out its terms of involvement in the joint venture. Specifically, RB Rail AS will continue to be responsible for all matters relating to the project, such as EU funding.