On Thursday the press service of the government of Karelia (Russia's autonomous republic bordering with Finland on the north) said that the resumption of construction of the Ledmozero-Kochkoma railway has been undertaken by the working group established on the initiative of the Karelian leadership with the participation of the managers of large enterprises and organisations of the Russian Federation in Finland.
The cost of the project, including costly electrification work, is eight billion roubles (1 euro approximately equals 35 roubles).
The required finance is planned to come from several sources. Finnish businessmen are going to attract to EU resources to financing. A similar request has been made by the administration of Russia's oldest Oktyabrskaya railway (linking the two Russian capitals) to the joint-stock company Russian Railways (RZD) and the Russian Transport and Communication Ministry.
Construction of the 120-kilometer-long Ledmozero-Kochkoma railway began in the north of Karelia in 1990.
In 2001 the railway began to operate. Later, construction was frozen for lack of financing.
