Central Europe's Three Seas Fund to present first projects in Oct

2020-06-26 21:04 update: 2020-06-27, 11:18
Photo PAP/Jacek Turczyk
Photo PAP/Jacek Turczyk
The Three Seas Fund, designed to support regional cross-border investments in Central and Eastern Europe, will show its first viable projects in October, PAP was told by Pawel Nierada, deputy CEO of Poland's state-owned development bank BGK.

Last year, BGK and Romania's Exim Bank founded the Three Seas Initiative fund in order to finance transport, energy and digital infrastructure in countries located between the Baltic, Adriatic and Black seas.

"I think that at the next Three Seas summit, which was moved to October due to the pandemic, the Fund will be able to present the first two or three projects in which it will get involved. Most probably, they will be projects from all the sectors that the Fund is interested in, including the energy, transport and logistics, and digital sectors," Nierada said.

The Three Seas Initiative is a joint project of the Polish and Croatian presidents that brings together twelve countries situated between the Adriatic, Baltic and Black Seas, namely Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. 

The region constitutes nearly one-third of the EU's total area and has more than 112 million inhabitants, but in many respects lacks adequate cross-border infrastructure, which is a major obstacle to its development. (PAP)

jd/ jch/