Europe finds Galileo funding

Europe's Galileo satellite navigation system will not need additional money, after the European Commission (EC) adopted a proposal to finance the missing €2.4 billion to finish the project.

Public money was only supposed to be used for the first third of the €3.4 billion project, to develop the programme and build the first four satellites. Private firms from across Europe were expected to step in to cover the remaining funding for the other 26 satellites. But after private firms refused to invest in the project earlier this year, there were concerns Galileo might not get off the ground, let alone rival the American global positioning system (GPS).

Jacques Barrot, Commission vice president said: "I am still convinced that Europe needs Galileo. Today I have come up with all the facts and figures to enable the European Parliament and Ministers to take the necessary decisions on the programme and its funding by the end of the year."

The EC said the new proposal does not require additional funding from member states, as room has been found in their financial framework to accommodate the project. "The balanced proposal does not require augmenting the total commitment appropriations as funding can be found in the margins of different headings available in 2007 and in 2008 and through re-profiling research funding already foreseen for Galileo," the EC said in a statement.

The budget changes will also deliver €309 million in funding for the European Institute for Technology (EIT), which is set to open next year.

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