Meeting in Brussels on Tuesday, March 26, the EU transport ministers released 450 million Euros in development funding for the Galileo programme. The European Space Agency had already committed a similar amount. The total project cost for development and deployment is forecast to reach 3.4 billion Euros, with a 2008 operational date.
At a summit meeting earlier this month, EU heads of state endorsed Galileo and called on the transport ministers' council to approve it. They also insisted that more private investors be involved to help cover the costs.
Private companies in Europe have lobbied hard for the program, but so far have not committed specific monetary amounts.
Tuesday's agreement by the transport ministers calls for setting up a joint undertaking between the public and private sectors to handle the development phase, with private company participation after 2003.
