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.
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.