Galileo Needs Extra Financing of EU1.5 Billion, Le Monde Says

The European Union’s Galileo satellite navigation project needs financing of 1.5 billion euros ($1.85 billion), on top of the already budgeted 3.4 billion euros, to become operational in 2013, Le Monde reported.

The French newspaper cited an estimate that it says was recently sent by the European Commission to the European Parliament.

The Italian commissioner in charge of the project, Antonio Tajani, declined to confirm the figure, saying the amount of the extra funding needed won’t be determined until September, Le Monde reported.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE