Latvia to join Three Seas Initiative Investment Fund
Minister of Economics of Latvia Jānis Vitenbergs: “The purpose of the Investment Fund is to foster the development of strategic infrastructure in the Three Seas region, thereby increasing interconnectivity. Taking into account the impact of Covid-19 on the Latvian economy, this will be another opportunity to invest in the Latvian economy, which will prompt the development of strategically important infrastructure projects that are essential for ensuring economic growth of our region."
The Cabinet of Ministers at a meeting on 7 May endorsed the involvement of ALTUM, a state-owned development finance institution, in the Three Seas Initiative Investment Fund. ALTUM investment is projected at EUR 20 million.
The Three Seas Initiative Investment Fund complements and strengthens the capital deployment of individual Three Seas countries and European Union financial instruments. It is a commercial and market driven initiative to finance only profitable projects, the Fund does not provide non-repayable funds or grants. The Fund makes its investment decisions independently of the investors in the Fund.
For additional information about the announcement see the press release.
investment interest in the transport, energy and digital connectivity
projects within the Three Seas Initiative during a videoconference call
with the Managing Director of the IMF Kristalina Georgieva. The Three
Seas Initiative requires the development of the investment fund and the
creation of business conditions, as well as the expert support of
international financial institutions to realise its potential, the President
On April 14, 2021, the Bulgarian Deputy Prime Minister and Minister of Foreign Affairs Ekaterina Zaharieva met with the newly appointed Ambassador of Romania to Bulgaria Mrs. Brandusa Predescu and discussed with her the cooperation between the two countries within the framework of the Three Seas Initiative. The two interlocutors agreed that Bulgaria and Romania should work actively together to attract foreign investors to the region.