Vesterbacka wishes to complete the tunnel between Tallinn and Helsinki in five years

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Today, at the Ülemiste City campus in Tallinn, Finnish businessman Peter Vesterbacka introduced the plan to construct the Tallinn-Helsinki tunnel, which he hopes to complete in just five years, using private capital.  
  ‘We have set the completion date of the tunnel at 24 December 2024, but we actually wish to finish it in five years, meaning even earlier,’ said Vesterbacka, according to whom, weekly meetings with different parties are held in both states to quickly move the project forward. 

Vesterbacka confirms that the monumental project requires the support of the Estonian and Finnish governments, but the construction of the tunnel would be funded in full with private capital. According to him, the project will cost 15 billion euros, 70% of which will come from Asian investors, and 30% from local funds. ‘As with start-ups, finding funding is never an issue if you have a good business model, Vesterbacka added.  
In his vision, the Tallinn station planned to be located at Ülemiste City in Tallinn would create an opportunity to get from Tallinn Airport to Vantaa Airport in 20 minutes, which is comparable, or even faster, than travelling from one end of London Heathrow Airport to the other.   Margus Nõlvak, Chairman of the Management Board of Mainor Ülemiste, developer of Ülemiste City, said that the connection between the two capitals would provide immense economic benefits and, of course, a more comfortable connection to other countries. ‘Soon, a true gateway to Estonia is emerging at the Ülemiste City campus – Tallinn Airport, the upcoming Rail Baltica terminal, and the new bus terminal,’ Nõlvak listed, adding that it is completely logical if the station of the planned Tallinn-Helsinki tunnel is added to these.  

At the event held in Ülemiste City, digital innovation advisor of the Government Office, Marten Kaevats, said that Finland is more exemplary than Estonia in terms of planning, and that Estonia must start to handle urban planning better. He said that Ülemiste is truly one of the versions of the end point of the tunnel in Estonia but, since surveys have not yet been carried out, it must first be assessed which way would be most rational for the performance of the project. 

Finnish Ambassador Kirsti Narinen commended Vesterbacka’s ambition and was glad that establishing a fast connection between Finland and Estonia is no longer merely a project between governments, and that several interested parties have emerged regarding this. ‘This idea opens up many new opportunities and it would create a double capital that is unique in the world,’ the Ambassador added. 



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