The deal amends the 2001 Turin agreement and sets out for the first time how the funding for the project will

be split. The two countries will seek the maximum 40% contribution from the European Union, while of the remaining €8.5bn, France will fund 42.1% and Italy 57.9%.

The new agreement specifies the final route of the line, particularly on the Italian side, endorsing changes that have been made, and defines the phasing of the project, starting with the 57km base tunnel between Saint-Jean-de-Maurienne in France and Susa in Italy.

It also identifies the governance arrangements for the project. A new body will succeed the project's current promoter Lyon - Turin Ferroviare (LTF), a joint venture between the French and Italian infrastructure managers, and will oversee the construction of the cross-border section.