Estonia joined the Three Seas Initiative Investment Fund
The board of the Three Seas Initiative Investment Fund, yesterday confirmed that Estonia joined the fund as core investor. The Government decided to participate in the Fund in April of this year and Estonia will invest up to 20 million Euros into the Fund.
"The cooperation of Three Seas countries is important for us, therefore we also want to contribute to the joint fund and soon hope to see the first investments", said Minister of Finance Martin Helme.
"We await that the Fund will stimulate the Estonian capital markets, precisely concerning infrastructure projects and obviously will offer additional funding opportunities, to Estonian companies in the fields of transport, energy and digital infrastructure, for realising their potential in the Three Seas countries", added Helme.
The Three Seas Initiative Investment Fund has grown out of the initiative of the presidents of the Three Seas countries, which aims to boost the development of infrastructure in the region. Currently, in addition to Estonia, Poland, Romania, Latvia, Hungary and Bulgaria have joined the Fund or informed of their decision to join.
The Fund will invest in transport, energy and digital infrastructure projects in the Three Seas countries and the aim in the coming years, is to include 3 to 5 billion Euros of means of the countries, financial institutions and institutional investors in the region.
The Three Seas Initiative brings together 12 European Union countries between the Adriatic, Baltic and Black Sea – Austria, Bulgaria, Croatia, Estonia, Lithuania, Latvia, Poland, Romania, Slovakia, Slovenia, the Czech Republic and Hungary. Important partners are the European Union, the United States and Germany.
The Three Seas Initiative will further cooperation, foremost for developing the infrastructure in the energy, transport and digital sectors. The aims of the cooperation are economic growth, the well-being of the population and growing the competitive capacity of Europe, as well as energy security and an energy market relying on open competition and through smart investments achieving climate aims.
The next summit of the Three Seas Initiative will take place on 19 October, virtually from Tallinn. It will be opened by a debate by the heads of the states on the future role of the platform. The financing of international infrastructure projects, as well as offering solutions for the digitalisation of the energy and transport sectors, will be talked about at the summit. Estonia, in the framework of the latter, as the world's first digital society, presents the vision of Smart Connectivity, created to support the development of the Three Seas region. The event can be followed as a live broadcast.
More information about the Three Seas Initiative Investment Fund: https://3siif.eu
Implementing the Three Seas priority projects will be a decisive game changer in the sustainable development of our region and of Europe as a whole. The consistent increase in their number reveals the growing level of our ambitions, stated President Rumen Radev, who opened the Sixth Three Seas Initiative Summit today in the National Palace of Culture in Sofia.
The Three Seas Summit and Business Forum starts today in Sofia, Bulgaria. The event will be held on 8th and 9th of July, 2021. The host of the event – President of the Republic of Bulgaria Rumen Radev will welcome in Sofia Heads of state and government as well as high-level representatives of the 12 participating 3SI countries.