$300 million for the Three Seas Fund by DFC
The Board of the U.S. International Development Finance Corporation (DFC), in a meeting chaired by the Secretary of State, Mike Pompeo, approved its $300M investment into the Three Seas Initiative Investment Fund (3SIIF).
The United States has been an active supporter of the Three Seas Initiative for years. At the Tallinn Summit on October Keith Krach, U.S. Under Secretary for Economic Growth, Energy, and the Environment, revealed the plans of the DFC to invest at least $300 million towards the 3SIIF, making up 30 percent of the fund that moment (i.e. more than €900 million, raised by partnerships between the 12 states and the private sector globally). Now the formal decision has been made and the investment of $300M is approved.
The U.S. has agreed to extend the pledge to 1 billion on the 30 percent principle, meaning as investments snowball to around $3.4 billion, their contribution reaches 1 billion.
The commercial and market driven 3SIIF is an investment vehicle to finance key infrastructure projects in the Three Seas region.
The main objective of the 3SIIF is to invest in transport, energy and digital infrastructure on the north-south axis in the Three Seas countries and to offset the differences in the development of individual regions of the European Union. Its role is to complement and strengthen the capital deployment of individual Three Seas countries and European Union financial instruments.
U.S. International Development Finance Corporation is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today.
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.