The National Audit Office of Estonia is set to conduct an audit of the Rail Baltica project in collaboration with Latvia and Lithuania.
The audit will focus on the efficiency of the existing management of internal systems, procurement processes and project financing.
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It will also cover RB Rail, the joint venture formed between Estonia, Latvia and Lithuania to implement the Rail Baltica project, as well as implementing agencies and project beneficiaries in the Baltic states.
Furthermore, the audit will evaluate whether funding of the Rail Baltica project is secured by Baltic States governments, and the project’s capability to alleviate financial risks related to cost increases and availability EU funding.
Scheduled to be concluded next year, the audit will cover the period between 2014 and 2018.
RB Rail acting CEO Ignas Degutis said: “As Rail Baltica project entering the design phase, the scope of procurement activity is increasing.
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By GlobalData“It is essential to ensure that all necessary procedures and rules are in place at all countries and in all institutions involved in the project delivery.
“The scope of the audit is focused on all important aspects of the project delivery, therefore we will be looking forward to auditors’ feedback to continue improving our performance.”
RB Rail’s procurement, legal and operational teams have already provided the auditors with the contracting scheme, inter-governmental and other agreements, as well as project governances structure and procurement system.
The company has also provided the financing model of Rail Baltica, a greenfield rail transport infrastructure project that aims to integrate the Baltic States in the European rail network.
