Three Seas Initiative Investment Fund to gather EUR 1 bln by end of year

The Three Seas Initiative Investment Fund (3SIIF), founded by Polish development bank BGK and Romanian foreign trade bank EximBank, should have EUR 1 billion at its disposal by the end of this year, said BGK president Beata Daszynska-Muzyczka.

She added that the maximum planned size of the fund is EUR 3-5 bln, local Adevarul reported.

To this moment, the 12 member states have contributed EUR 913 mln to the fund's capital - with an unknown contribution of Romania.

Romania included RON 460 mln (EUR 100 mln) in last year's state budget to contribute to this fund, but the final contribution wasn't disclosed. Polish BGK contributed EUR 750 mln.

The 3SIIF is designed to implement, among others, the major infrastructure projects mentioned in the agreement signed by Romanian authorities with US bank EXIM: the rail to sea connection between Constanta and Gdansk ports and the Constanta-Gdansk motorway.

The United States has agreed to pledge up to EUR 1 bln to the 3SIIF, as confirmed by Keith Krach, the US administration's Undersecretary for Economic Growth, Energy, and the Environment, attending the Three Seas Virtual Summit in Tallinn on October 19. Krach said that the US would match 30% of the combined contribution of all 12 3SI participating nations, up to a maximum of EUR 1 bln.

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