Letter of intent signed in ABF
Rail link between Lapland, Northern Norway planned
10 May 2019, 02:58 ( 16 days ago) | updated: 10 May 2019, 09:36 ( 16 days ago)
A Finnish company, Finest Bay Area Development, on Thursday signed a letter of intent with the Norwegian company Sør-VarangerUtvikling to develop a railway between Lapland and Northern Norway.
The letter of intent was signed at the Arctic Business Forum in Rovaniemi with the view to assess the economical, environmental and social impact of the project.
Speaking on the occasion, Peter Vesterbacka of Finest Bay Area Development, the former marketing chief of gaming company Rovio who helped make angry bird a brand name, said the project would cost an estimated amount of EUR 3 billion.
He said part of the project funding will come from Chinese investors and the project will be completed within the next five to 10 years.
The planned rail link will connect Rovaniemi with the northeast coastal city of Kirkenes in Norway.
The Arctic Railway will introduce faster train with a speed of 350 kilometers per hour or faster.
“The trains will benefit tourists,” Vesterbacka said, adding that the earlier plans for the long-discussed project did not take tourism into consideration.