US grants Three Seas Initiative USD 300 mln for energy investments

The US government agency International Development Finance Corporation (DFC) has approved support for the Three Seas Fund, amounting to USD 300 mln. This is the first tranche of the aid previously declared by the Americans for energy investments in that region of Europe.

In February, the US Secretary of State Mike Pompeo announced that his country intended to allocate up to one billion dollars for energy investments under the Three Seas Initiative.

The allocated funds are intended to strengthen energy security within the Initiative, as well as to support transport investments and digital infrastructure. The Three Seas Fund will finance investments in key infrastructure projects in the region.

It was pointed out in a DFC statement that the fund “aims to overcome existing market challenges to raise capital for critical infrastructure projects”.

"The US investment in the Three Seas Initiative is proof of our strong commitment to the region and its economic development," the US Ambassador to Poland Georgette Mosbacher commented on the matter on Twitter.

During a board meeting, DFC approved global aid totaling more than USD 2.1 bn. In addition to support from the Three Seas Fund, money will go to five other projects, including the development of a telecommunications network on the African continent and the fight against COVID-19.

The Three Seas Initiative is a political and economic initiative established in 2015 on the initiative of the presidents of Poland and Croatia. Currently, the group consists of 12 EU countries located between the Adriatic, the Baltic and the Black Sea: Austria, Bulgaria, Croatia, Czech Republic, Estonia, Lithuania, Latvia, Poland, Romania, Slovakia, Slovenia and Hungary. Recently, Germany, the European Commission and the US have participated in the forum on a partnership basis as well.

The aim of the initiative is to promote dialogue and economic cooperation for the development of infrastructure in the region in the field of energy production, transport and digital services. In October, the Three Seas Summit was held in the capital of Estonia, with the participation of seven presidents of the region's countries virtually and three who were present in Tallinn.