US to give up to USD 1 bln to Three Seas countries for energy projects

Pompeo said that the US goal is to revive private investment in the energy sectors of these countries. Philipp Guelland/PAP/EPA

The US will transfer to the Central and Eastern Europe countries of the Three Seas Initiative up to USD 1 billion for energy investments, US Secretary of State Mike Pompeo told the Munich Security Conference on Saturday.

Pompeo said that these funds would be provided by a US government agency (DFC, International Development Finance Corporation) with the support of the US Congress. "Our goal is to revive private investment in the energy sectors of these countries, he said.

The conference, to continue in the Bavarian capital until Sunday, is being attended by over 500 high-ranking representatives from political, economic and scientific circles, as well as civic movements, from around the world. Poland is represented by Minister of Foreign Affairs Jacek Czaputowicz.

"This is a very important declaration showing that the United States are taking the Three Seas initiative seriously," Czaputowicz said at a briefing in Munich, adding that this way the US wanted to demonstrate its support for infrastructure development in Central Europe.

"The money can be used to increase the flow of energy resources and improve the state of infrastructure," Poland's foreign minister said. He added that he is pleased that the United States will be a partner in these investments.

The Three Seas Initiative is a joint project of the Polish and Croatian presidents which promote dialogue and cross-border infrastructural cooperation of the countries located between the Baltic, Black and Adriatic seas. It focuses on joint activities in the field of transport, digital services and energy production and involves such activities as the construction of roads, railways, pipelines and power grid links.

Currently, the group has 12 EU member states: Poland, Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Lithuania, Latvia, Romania, Slovakia, Slovenia, and Hungary. Recently, the EU, Germany and the US have also participated in the forum on a partnership basis.