$17 Billion China-Backed Subsea Baltic Tunnel Is Set Back
- Estonia rejects planning application, cites security issues
- Plan had EU15 billion backing from China’s Touchstone Capital
Source: Finest Bay Area Development Oy
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A plan to build the world’s longest undersea rail tunnel is on the ropes after the Estonian government rejected a private developer and Finland said it has no plans for stepping into the project.
Estonia halted proceedings by the Chinese-backed Finnish company that has spearheaded the project below the Gulf of Finland, citing reasons that include national security. Though the Baltic nation’s government maintains the concept is still on the table and said it wants the two governments to take a leading role in the Baltic Sea project, the cabinet in Helsinki has no such plans, local media reported.