The committee gave its go-ahead on Tuesday after the EIB placed the project in mid-February on the list of those planned for financing. The decision is unlikely to be changed by the Board of Directors.

The project is valued at EUR 968m at current prices, with the total price tag including provisions for unexpected work and interest at EUR 1.2bn.

The project is to be financed with a mix of loans from international financial institutions and the state-owned SID export and development bank, government funds, EU grants and loans from commercial banks.

The investmen plans is to be presented in detail at a public debate hosted by the parliamentary Infrastructure Committee on Thursday.

The construction of the 27-kilometre railway, comprising several tunnels and viaducts, is expected to start soon. Work on the construction of access roads serving the building site has already begun.