A landmark study to be released by IMF
Infrastructure is a key foundation stone and a powerful driver of economic growth and resilience. The Three Seas Initiative (3SI) was launched by twelve EU member states situated between the Baltic, Black, and Adriatic Seas to accelerate the development of cross-border energy, transport, and digital networks. On 19 October, Tallinn will host the next Three Seas Summit convening top leaders from Europe and the United States.
Successful execution of Three Seas Initiative addresses a 1.16 trillion euro regional infrastructure deficit, a legacy of Soviet occupation of Central and Eastern Europe, and will expand the linkages between Three Seas participating states and between the region and the rest of Europe. Toward these ends, a commercially-managed Three Seas Initiative Investment Fund was launched earlier this year to invest in the region’s cross-border projects, and the United States has pledged to invest up to $1 billion in the fund and Three Seas energy projects.
The International Monetary Fund will soon release a landmark study, Infrastructure in Central, Eastern, and Southeastern Europe: Benchmarking, Macroeconomic Impact, and Policy Issues, that examines the region's infrastructure gaps and assesses the potential returns of infrastructure investment. The report articulates policies that can help countries and regions maximize the benefits of infrastructure investment.
In the run up to the 19 October Three Seas Virtual Summit and Web Forum hosted by the President of Estonia in Tallinn, the Atlantic Council will host a discussion on 28 September on this important IMF report, the Three Seas Initiative, and the opportunities the region’s economic vitality presents for investment.
More information about the event can be found here.
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Lithuania chairs the Three Seas Initiative (3SI) and is organising the 3SI Summit and an integral part of the 3SI – International Business Forum on 11 April 2024, in Vilnius. The purpose of the 3SI is to promote faster development and convergence of the region, by increasing the interconnectivity of the member states in the fields of transport, energy and digitalisation, in particular, in the region on the North-South axis, to enhance the EU's cohesion and consolidate the transatlantic partnership of the EU and US. During its presidency, Lithuania will focus on Ukraine and consolidation of transatlantic relations.
President of Lithuania Gitanas Nausėda met with foreign ambassadors accredited to Lithuania on the eve of the Day of the Restoration of the State of Lithuania.