Latvia: RB Rail to start talks with investors on financing Rail Baltica

The coordinator of the Rail Baltica railway project, RB Rail, will start talks with private investors on financing the project’s implementation in Latvia at the end of 2024, LSM reports. Latvia’s Ministry of Transport presented a report on the project to the public expenditure and audit committee of the Latvian parliament, the Saeima. Latvia has so far raised EUR 1.4bn for the project, including 85% of EU co-financing. However, EU funds are running out. RB Rail has contracted a Canadian consultancy to study the possible use of public-private partnerships. Different sections of the railway are at various stages of development. The parliamentary audit committee will return to discussing the project’s overall progress later in September 2024, LETA reported. The Saeima has also formed a special committee of inquiry to assess the project’s implementation.