Poland-led regional investment fund amasses EUR 1 bln

The Three Seas Fund, an investment vehicle initiated by the Polish state-owned development bank BGK, has collected EUR 1 billion in funds that can be used for energy and infrastructure investments in Central and Eastern Europe, the BGK CEO has told PAP.

The Three Seas Initiative, under which the fund operates, is an infrastructure and energy cooperation project involving 12 Central and Eastern European countries stretching from the Baltic to the Adriatic and Black seas.

Beata Daszynska-Muzyczka said that the target figure for the fund, which was set up in 2019, has been set at EUR 3-5 billion.

"Our investment advisor has been looking for projects," the BGK boss said. "Currently, we're analysing 180 projects that the fund can carry out."

According to Daszynska-Muzyczka, the fund has completed three investments so far.

"They include an investment in the lease of railway engines that concerns Poland and its immediate neighbours," she said. "We also have a data centre in Tallinn and the third investment was made in solar farms in the south of the Three Seas region.

"The Three Seas Initiative and the Three Seas Fund are proof that regional cooperation is possible, and that by combining our forces we can create interesting investments and spur business development, trade and tourism," Daszynska-Muzyczka said.

Leaders of the countries involved in the initiative met at a two-day summit in Sofia on Thursday and Friday to discuss policies and the response to the Covid-19 pandemic.

The Three Seas Initiative was established in 2015 by the Polish and Croatian presidents in order to promote cross-country energy and infrastructure links.