The Latvian state will have to provide co-financing of approximately EUR 100 mln for the implementation of the rail electrification project, according to railroad company Latvijas Dzelzcels’s head Edvins Berzins.
The first round of the project will benefit from EUR 347 mln from the European Union’s Cohesion Fund, Latvijas Dzelzcels will borrow EUR 100 mln from the European Bank for Reconstruction and Development, and the state will have to provide another EUR 100 mln. Work is underway to ensure that the financing scheme for the project has as little impact as possible on the budget, added Edvins Berzins.
During the first phase of the project from 2019 to 2023, the Daugavpils-Krustpils line and the Rezekne-Krustpils line on the route to Ventspils will be electrified. The total cost of the first phase is EUR 660 mln.
During the second phase of the project between 2020 and 2025, the Krustpils-Skirotava and Daugavpils-Indra lines on the route to Riga will be electrified, with a total cost of EUR 519 mln.
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