The Russian Direct Investment Fund (RDIF) is expected to sign an agreement to continue the design of a proposed tunnel connecting Russia’s Chukotka region with Alaska in the US.

The announcement was made by Kirill Dmitriev, CEO of the RDIF and the Russian President’s Special Representative for Investment and Economic Cooperation with Foreign Countries, during the St. Petersburg International Economic Forum (SPIEF), The Caspian Post reports via Kommersant.

Dmitriev said that an agreement would be signed to advance the tunnel’s design work, describing the project as one of the largest potential infrastructure initiatives between the two countries.

“We are signing an agreement tomorrow to continue the design of the tunnel. The tunnel will happen. It will be one of the major infrastructure projects between our countries,” Dmitriev stated.

The proposed tunnel would link Russia’s Far East and Alaska across the Bering Strait, a concept that has been discussed for decades as a possible transportation and trade corridor connecting Asia and North America.