100 km Tallinn-Helsinki submarine twin tunnel with China Railways International Group (CRIG), China Railway Engineering Company (CREC), China Communications Construction Company (CCCC) and financier Touchstone Capital Partners (TCP) as part of the Finest Bay bay development project signed a memorandum of understanding for.
In March 2019, FeBay and TPC signed an agreement to finance 15 billion euros for the Helsinki-Tallinn submarine rail tunnel project, and construction works are estimated at 12,5 billion euros. The financing comes in addition to the previously reported 2018 million Euro fund agreed with ARJ Holding LLC in 100.
Also in March, it was announced that ÅF Pöyry - AINS consortium will design the project consisting of four stations, a warehouse and two artificial islands. The design of the Finest Bay bay development project started at May 2018 simultaneously with the environmental impact assessment (EIA) process. The EIA program was given to Finnish authorities in January 2019.
The purpose of the Finest Bay Gulf Region submarine rail tunnel project is to build a submarine rail tunnel that will significantly reduce travel time between Finland and Estonia. The railway tunnel will unite in the capitals of Finland and Estonia.
The construction of the tunnel will begin at 2019-2020 and is scheduled to start operations at 2024.