The European Executive Agency for Climate, Infrastructure and the Environment has allocated €928 million to finance the Rail Baltica project, which is part of the trans-European railway network. RB Rail CEO Marko Kivila said the money will be used to finance construction works covering approximately 130 kilometers of the main Rail Baltica route.

He said: "This funding is necessary to start the construction of the main line route in all Baltic countries, to continue the construction of infrastructure and sidings, and to address strategic issues necessary to ensure the interoperability of railway infrastructure and the creation of a cross-border corridor by 2030," LRT reported, citing LETA. 

Taking into account additional financing and national investments, the total amount allocated for the project is approximately €2.7 billion. Rail Baltica is planned to be commissioned in stages from 2028 to 2030. The route of Rail Baltica in Lithuania will be 360 kilometers, in Latvia just over 300 kilometers, and in Estonia about 300 kilometers. This project will unite cities: Helsinki, Riga, Kaunas, Vilnius, and Warsaw with Berlin.

In October 2014, after several years of negotiations, the Baltic states signed an agreement to establish a company that will take on the construction of the multi-billion-dollar Rail Baltica project. This project is to provide high-speed rail links between the cities of Lithuania, Latvia and Estonia.

In January 2017, in Tallinn, the prime ministers of the three Baltic states signed an agreement on the implementation of the Rail Baltica project, which included construction timeframes, route, and a number of technical details.