Source: Forbes

BRUSSELS (Thomson Financial) - The European Commission has proposed a public-private partnership to respectively fund the construction and management of the European Union's stalled multi-billion euro satellite navigation system Galileo.

Adopting its paper on the future roadmap for the project's implementation by 2012, the EU executive said a twin-track approach is necessary to monitor the timetable and costs more closely, the latter estimated at 10 bln eur.

'The Commission shows that the most beneficial, the most realistic and, in the long term, the most economic option will be for all the initial infrastructure to be put in place while being piloted and financed by the public sector', it said in a statement.

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Posted by pichu at May 16, 2007 5:16 PM