(BTA) - The Three Seas Initiative Investment Fund (3SIIF) was presented at a mini-conference entitled "Equity for infrastructure" here on Wednesday. Caretaker Deputy Economy Minister Krassimir Kiryakov, Bulgarian Development Bank (BDB) Executive Director Tzanko Arabadjiev, Bulgarian Chamber of Commerce and Industry (BCCI) Chairman Tsvetan Simeonov and Amber Infrastructure Group Investment Director Joe Phillipsz participated in the hybrid discussion.

The event, organized by the BCCI and BCCI Investment Council, in partnership with BDB, is part of Bulgaria's programme as a host country of the Three Seas Initiative (3SI) for improving regional transport, energy and digital connectivity of 12 EU member states in Central and Eastern Europe. Bulgaria hosted the sixth 3SI Summit and Business Forum in July this year. 

The Three Seas Initiative Investment Fund aims to secure investments in transport, energy and digital infrastructure sectors. It is a new instrument fund, dedicated to the Central and Eastern Europe region and allows capital investments from 50 to 250 million euros per project. It is cornerstoned by the national development finance institutions of the Three Seas Countries, while Amber Infrastructure Group is the exclusive investment advisor of the 3SIIF.

Addressing the forum, Deputy Economy Minister Kiryakov said he is convinced that such a programme as the 3SIIF will contribute greatly to all countries involved in it. He voiced hope for equal opportunities for everyone in 3SIIF. The Fund was established in 2019 with a mission to support financially the challenges faced under the 3SI and. BDB is a Class A shareholder in the Fund with a cash contribution of EUR 20 million, Kiryakov said. 
BDB Executive Director Arabadjiev said that 3SIIF is a strong instrument for BulgariaТs economy and it aims to support sustainable projects and to provide solutions with regional impact in transport, energy and digital infrastructure. As a Class A shareholder, the BDB is fully committed to the initiative, he said.

The Head of the 3SIIF, Joe Phillipsz of Amber Infrastructure, stressed that one of the key things on which the Fund will focus on is to get rid of the gap between old and new EU members, relating to the quality and availability of infrastructure. At this moment the gap is significant amounting to more than 500 billion euros, Phillipsz noted. In his words, the Fund is politically inspired but commercially driven.

The Three Seas Initiative countries have a combined GDP of 2.1 trillion euros, which is equal to 15 per cent of the GDP of the entire EU. The Three Seas region is one of the fastest growing regions in Europe with an average forecast GDP growth above the rest of the EU, Phillipsz stressed.

The 3SIIF targets investments that improve connectivity and cooperation throughout the Three Seas Region, accelerate economic development by expanding state-of-the-art infrastructure and support supply-critical long-term assets, Phillipsz said. 

The focus areas of transport investments under the 3SIIF, aiming to foster integration, efficiency and promote sustainable economic development, are: road projects, rail projects, rolling stock, ports and airports. The estimated transport investment need amounts to 290 billion euros, according to Phillipsz and Amber Infrastructure.

Energy investments, which seek to enhance security of supply, diversify energy sources and support energy transition, are focused on renewable sources of energy, liquefied natural gas and their distribution networks, he said.

Digital investments will be focused on fibre networks, telecommunication networks and towers and data centers, in order to develop world-class network infrastructure and proven technology that underpins the digital future of CEE, Phillipsz said.

The Three Seas Initiative was launched in 2015 at presidential level as a platform to provide strong political support for accelerated economic development and enhanced intra-regional and cross- border cooperation and connectivity among 12 EU member states located between the Baltic, Black, and Adriatic seas: Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Austria, Croatia, Romania, and Bulgaria. KK.//
.

Source: Sofiа