Latvia could get part of 5-billion-euro “Three Seas” fund

During a conference organized in Rīga on February 27, representatives of the Three Seas Initiative Investment Fund along with representatives of Three Seas region states talked about needs of the Three Seas region and multilateral cooperation.

The Three Seas Initiative Investment Fund is a joint initiative of 12 state national development institutions located between the Baltic, the Black and the Adriatic Seas with the aim of supporting the implementation of transport, energy and digital infrastructure projects in the region, including Latvia. The Fund is currently engaging in promotional activities in the capital cities of member states raising awareness about the 3SIIF, with the Rīga conference an example.

The size of the Three Seas Initiative Investment Fund is expected to be EUR 3-5 billion. Founding members of the Fund, BGK – Poland’s development bank and Romania’s Exim Bank have already committed over half a billion euros.

“The financial resources of the 3SIIF will come from the entities from other Three Seas countries and other investors from all over the world,” organizers of the conference said in a news release.

“The conference in Riga is another vital step to expand public awareness of the Three Seas Investment Fund – a financial instrument, complementary to the EU funds and instruments and national budgets, based on commercial rules. During the Riga meeting we have signed an agreement with Amber Infrastructure to be the Investment Advisor to the Fund. This is a crucial moment for the Fund, as from this moment the Fund begins to act operationally,” said Beata Daszyńska-Muzyczka, the President of the Supervisory Board of the 3SIIF.

“Investments in transport projects will boost trade in the region, while improving north-south energy infrastructure connectivity will enhance security. We have to jointly improve competitiveness of the region, which is the only way to achieve a united and sustainable EU,” said Daszyńska-Muzyczka.

 “Large scale projects from Latvia as well as projects from other countries from the region can already apply for 3SIIF funding, which supplements existing funding opportunities. It can help catalyse existing and new infrastructure projects in the fields of transport, energy and digital infrastructure. Our experience allows us to take a part in the initial evaluation of projects before they’re passed into the hands of world-class investment funds,” said Reinis Bērziņš, Chairman of the Management Board of ALTUM and Member of the Supervisory Board of the 3SIIF.

The Three Seas Initiative describes itself as “a flexible political platform, at Presidential level, launched in 2015. The Initiative includes the 12 EU Member States located between the Adriatic, the Baltic and the Black Seas: Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia.”

LSM.LV

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