Estonia has joined the Three Seas Initiative Investment Fund as a "core investor" and will invest up to €20 million.
The Three Seas Initiative Investment Fund has grown out of the initiative of the presidents of the Three Seas countries - the Baltic, Black and Adriatic seas - which aims to boost the development of infrastructure in the region.
The fund will invest in transport, energy and digital infrastructure projects in the Three Seas countries and the aim in the coming years is to have €3 - €5 billion worth of funding for financial institutions and institutional investors in the region.
Minister of Finance Martin Helme (EKRE) said: "The cooperation of Three Seas countries is important for us, therefore we also want to contribute to the joint fund and soon hope to see the first investments.
"We hope that the Fund will stimulate the Estonian capital markets, precisely concerning infrastructure projects and obviously will offer additional funding opportunities, to Estonian companies in the fields of transport, energy and digital infrastructure, for realising their potential in the Three Seas countries."
The Three Seas Initiative brings together 12 European Union countries – Austria, Bulgaria, Croatia, Estonia, Lithuania, Latvia, Poland, Romania, Slovakia, Slovenia, the Czech Republic and Hungary. The European Union, the United States and Germany are important partners.
Poland, Romania, Latvia, Hungary and Bulgaria have also joined the fund or agreed to in future.
The Three Seas Initiative wants to develop cooperation in infrastructure in the energy, transport and digital sectors.
The aims of the cooperation are economic growth, the well-being of the population and growing the competitive capacity of Europe, as well as energy security and an energy market relying on open competition and through smart investments achieving climate aims.
The next summit of the Three Seas Initiative will take place on October 19, virtually from Tallinn.
Editor: Helen Wright