Brussels, 19/06/2001 (Agence Europe) - This Wednesday, the European Commission will adopt its proposal aiming for the formation of a "joint venture" for the completion of the Galileo project (integrated European satellite navigation system, aimed at being used mainly by transport, agriculture and fishing). The formula of a joint venture should mobilise the public-private capital necessary for the completion of this project. The Community (represented by the Commission) and the European Space Agency will be the founders of this company, but then the Member States, the European Investment Bank (EIB) and other organisations will be able to buy stakes. The management of the joint venture will be entirely civilian, even if Galileo will have the ability of providing services for military authorities.
The Nice European Council had confirmed that, after the validation period financed by Community credits and the European Space Agency, the public-private partnership is needed for the completion of this project and its management. The joint venture must be created by a Council regulation, but the Commission will also pass on its proposal to the European Parliament and the Economic and Social Committee.