A public decision by several countries on whether to cofinance an international infrastructure project is the subject of a cost-benefit analysis (CBA). The CBA elements are broken out and analyzed for each country. The issue of freight user benefits is discussed, and results are derived from a partial equilibrium model and point toward practical applicability. A recent analysis of the Fehmarn Belt Bridge, which will connect Denmark and Germany in a link in the Trans-European Network for Transport, is used for illustrative purposes.