World’s Longest Undersea Rail Tunnel Gets $17 Billion in Funding
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The developers of the world’s longest undersea railway tunnel, which once completed will connect the Finnish and Estonian capitals, have reached an agreement on 15 billion euros ($17 billion) in funding for the project.
The financing, which will be provided by China’s Touchstone Capital Partners Ltd., will cover the entire cost of the project, the tunnel company Finest Bay Area Development Oy said in a statement on Friday. A third of the funding will be made in the form of a private equity investment, giving Touchstone a minority stake, and two thirds are debt financing, according to the memorandum of understanding.