Riga, capital of Latvia. Image by Aleksejs Bergmanis from Pixabay
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.
Latvia to join Three Seas Initiative Investment Fund
Ekaterina Zaharieva: The potential of the 3SI should be used to present our region as an attractive investment destination
‘The potential of the 3 Seas Initiative and of the Bulgarian informal presidency of the process should be used to present the region as an attractive investment destination and to also help with the economic recovery from the recession’.
US Secretary of State Antony Blinken expressed US support for the Three Seas Initiative
Secretary of State Antony J. Blinken remarks on the Three Seas Initiative