Baltic, EU – Baltic States, Financial Services, Forum, Investments
International Internet Magazine. Baltic States news & analytics
Saturday, 20.04.2024, 09:39
Three Seas Initiative Investment Fund (3SIIF) – Financial Instrument Supporting Infrastructure Projects in Transport, Energy and Digitalisation Sectors in CEE Regionsex shop
During a
conference organized in Riga on February 27, representatives of the Three Seas
Initiative Investment Fund along with representatives of Three Seas region
states talked about needs of the Three Seas region and multilateral cooperation.
The size of the Three Seas Initiative
Investment Fund is expected to be EUR 3-5 bn. Founding members of the Fund, BGK
- Poland’s development bank and Romania’s Exim Bank have already committed over
half a bn euro. The financial resources of the 3SIIF will come from the entities from other Three Seas
countries and other investors from all over the world.
The Three Seas Initiative Investment Fund is a joint initiative of 12 state
national development institutions located between the Baltic, the Black and the
Adriatic Sea with the aim of supporting the implementation of transport, energy
and digital infrastructure projects in the region, including Latvia. The Fund is
currently engaging in promotional activities in the capital cities of member
states raising awareness about the 3SIIF.
“The conference
in Riga is another vital step to expand public awareness of the Three Seas
Investment Fund – a financial instrument, complementary to the EU funds
and instruments and national budgets, based on commercial rules. During the
Riga meeting we have signed an agreement with Amber Infrastructure to be
the Investment Advisor to the Fund. This is a crucial moment for the Fund, as
from this moment the Fund begins to act operationally” - said Beata
Daszyńska-Muzyczka, the President of the Supervisory Board of the 3SIIF.
“The Fund’s aim
is to contribute to the implementation of many infrastructure projects in
transport, energy and digital in the whole region, including Latvia” - added
Daszyńska-Muzyczka. “Investments in transport projects
will boost trade in the region, while improving north-south energy
infrastructure connectivity will enhance security. We have to jointly improve competitiveness
of the region, which is the only way to achieve a united and sustainable EU,”
said Daszyńska-Muzyczka.
“Large scale projects
from Latvia as well as projects from other countries from the region can
already apply for 3SIIF funding, which supplements existing funding
opportunities. It can help catalyse existing and new infrastructure projects in
the fields of transport, energy and digital infrastructure. Our experience
allows us to take a part in the initial evaluation of projects before they’re
passed into the hands of world-class investment funds,” commented Reinis Bērziņš, ALTUM Chairman of the Management Board and
Member of the Supervisory Board of the 3SIIF.
Representatives
of the national development institutions of six Central European and Eastern
European countries, including ALTUM, signed the letter of intent on
founding the 3SIIF at a summit
in Bucharest in September 2018. Funding allocated to infrastructure projects
will not be determined by how much each country has committed to the Fund.
The
conference in Riga was the third event promoting 3SIIF activity after previous
events in Poland and Romania. The event brought together representatives of the
3SIIF, Three Seas states representatives, Latvian decision-makers, entrepreneurs
and other stakeholders.
The Three
Seas Initiative Investment Fund is an economic dimension of the political
platform – the Three Seas Initiative. The 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 that will grant a diversified
investment and an attractive return to the investors.
The member
states of the Three Seas Initiative, which have confirmed their political will
and readiness to strengthen their own and regional competitiveness, are Latvia,
Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Lithuania,
Poland, Romania, Slovakia and Slovenia. These countries cover 30% of the EU’s territory
and 25% of its population (111 million people).
The goals
of the Three Seas Initiative are:
- To boost connectivity within the region, on
energy, transport infrastructure, and digital communication;
- To stimulate economic development,
contributing to east–west and north–south cohesion within the European
Union;
- To facilitate achieving real convergence
among EU Member States and strengthen the European Union as a whole.
ALTUM is a Latvia state-owned finance
institution that ensures access of enterprises and households to the financial
resources by means of support financial instruments - loans, guarantees,
investments in venture capital funds - in the areas defined as important and to
be supported by the state, thus developing the national economy and
consequently enhancing mobilization of the private capital and financial
resources. In 2017 ALTUM received international credit
rating Baa1 by Moody’s. On 24 October 2017 the bonds
issued by ALTUM were quoted on a regulated market – Baltic Bond List of
Nasdaq Riga.
Bank
Gospodarstwa Krajowego (BGK) is a Polish state development bank that initiates and implements
projects promoting economic growth in Poland and enhancing the quality of
citizens’ lives. BGK develops guarantees
and sureties schemes that contribute to commercial development. One of the
important tasks of BGK is also to support the activities of Polish companies
abroad. BGK manages European programs and distributes EU funds at the national
and regional level. BGK is also involved in programs aiming at improving access
to housing on the residential market.
EximBank has been actively involved for more
than 25 years in supporting and promoting the Romanian business environment by endorsing
the local companies’ projects. Starting up as an export agency, EximBank has
evolved and extended this role keeping its unique profile on the market. Acting
as Romanian state agent for guarantees and insurance, EximBank is the
main channel for infusing the Romanian state funds into the real economy in
order to sustain increasing competitiveness of local companies.
- 28.01.2022 BONO aims at a billion!
- 26.08.2021 LLC Dizozols Investments finalizes investment attraction deal with Crowdestor with record-high profits
- 25.01.2021 Как банкиры 90-х делили «золотую милю» в Юрмале
- 30.12.2020 Business Education Plus предлагает анонсы бизнес-обучений в январе-феврале 2021 года
- 30.12.2020 Hotels showing strong interest in providing self-isolation service
- 30.12.2020 EU to buy additional 100 mln doses of coronavirus vaccine
- 30.12.2020 ЕС закупит 100 млн. дополнительных доз вакцины Biontech и Pfizer
- 29.12.2020 В Латвии вводят комендантский час, ЧС продлена до 7 февраля
- 29.12.2020 В Rietumu и в этот раз создали особые праздничные открытки и календари 2021
- 29.12.2020 Latvia to impose curfew, state of emergency to be extended until February 7