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.
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The Three Seas Initiative (3SI) has become one of the topics during the World Economic Forum in Davos, Switzerland, attracting speakers and audience on current matters of development of the Three Seas region. From 22 to 25 May 2022, in six noteworthy panels, discussions are focusing on the Three Seas region’s energy transformation, commercial potentials, international investments, new age infrastructure, financial potentials and possible digital revolution.