On 27 February 2020 in Riga, the State Secretary of the Latvian Ministry of Foreign Affairs took part in a meeting of the Three States Initiative Investment Fund organised by a state-owned development finance institution, ALTUM, and the Polish Development Bank (Bank Gospodarstwa Krajowego), which brought together representatives from the Fund’s member states, politicians, Latvian businesses and opinion leaders.
The participants discussed the ways how the Three Seas Initiative Investment Fund could promote the implementation of sustainable and strategically important infrastructure projects that would enhance the region’s connectivity in terms of transport, energy and digital infrastructure.
The objectives of the Three Seas Initiative are the promotion of the region’s economic growth, cohesion in the EU, and the strengthening of the transatlantic link through the implementation of infrastructure projects of geopolitical importance.
Speaking at the conference, Andris Pelšs noted that the implementation of strategically important projects calls for a strong investment fund, the political will of the Three Seas Initiative members, as well as interest and support from businesses.
The efforts of all involved have made a big difference in launching the Three Seas Initiative Investment Fund with transparent action and good results, the State Secretary said, while welcoming the role and involvement of the U.S. in the development of the Three Seas Initiative.
Background information
The Three Seas Initiative is a presidential level political platform bringing together 12 EU Member States: Latvia, Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Lithuania, Poland, Romania, Slovakia and Slovenia. The U.S., Germany and the European Commission take part in the Three Seas Initiative summits in the partner status.
Four summit meetings of the Three Seas Initiative have been held so far: in Croatia, Poland, Romania and Slovenia. The launch of the process of establishing a Three Seas Initiative Investment Fund was announced at the 2019 summit in Slovenia. A Three Seas Initiative Summit and a Business Forum are scheduled to take place this coming 16-17 June in Tallinn, Estonia.