Finland and Estonia on July 12 signed a Memorandum of Understanding (MoU) for the construction of a 100-kilometer tall Tallinn tunnel under the Gulf of Finland, reports TASS.

The document was signed by Finest Bay Area Development (Febay), Touchstone Capital Partners (TCP), China Railway International Group (CRIG) and China Railway Engineering Company (CREC). The parties agreed to conclude final agreements on the design and construction of the project.

In March, Febay signed a memorandum of understanding with TCP to provide € 15 billion in funding for the construction of the tunnel. The line may be ready for commissioning by the end of 2024.

An underwater tunnel of standard width will significantly reduce travel time between countries from 2 hours by ferry to 40 minutes. by train.
The preliminary feasibility study, completed in 2018, showed that the demand for passenger transportation between the two cities could increase from 9 million people in 2017 to 23 million in 2050, including through the tunnel – 12.5 million.