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 Civil Society Forum of the Three Seas Initiative (3SI) will take place at the Riga Castle on May 20 and 21, 2022 to discuss issues relating to the 3SI priorities of connectivity, digitalisation, security and governance.
The Three Seas Initiative’s (3SI) event “Business Opportunities in Filling the North-South Connectivity Gap” on the morning of May 12th has become an example of well thought through strategies turning into real life investments of the initiative’s participating member countries and entrepreneurs. The meeting provided a discussion platform to investigate opportunities for strengthening connectivity and security in infrastructure, digital, and energy sectors on the North-South axis, but also to recognize the future economic advantages, exclusively, with case studies from the Three Seas region on various projects developed and planned within the Investment Fund.