“By the end of this year, the Three Seas Fund, founded by BGK and the Romanian Exim Bank, should have 1 billion euro at its disposal,” Beata Daszynska-Muzyczka, President of BGK and of the Fund’s Supervisory Board, told the Polish Press Agency (PAP).
“On Monday we reported that the Management Board of BGK, as the main founder and creator of the Three Seas Initiative Investment Fund, decided to increase its contribution by 250 million euro to 750 million euro. I hope that by the end of the year the Fund will already have approximately 1 billion euro at its disposal,” the President of Bank Gospodarstwa Krajowego told PAP.
She added that the planned maximum size of the Fund is between 3 and 5 billion euro.
Bank Gospodarstwa Krajowego is the originator, initiator, founder and the main investor of the Three Seas Initiative Investment Fund, which raises funds for investments from development institutions of individual countries, from international financial institutions such as the EIB, the EBRD or the World Bank, and from private investors such as retirement pension funds looking for long-term investments.
The President recalled that Exim Bank, the Romanian development bank, was the first to join BGK’s Three Seas Fund initiative.
“The Romanian bank was the first to be ready to sign the founding act last year. Thus, the Fund became reality and started to function as a commercial and market-driven enterprise,” the President said.
“At this point I would like to express my gratitude to Exim Bank, to our colleagues from Romania. Without their courage and vision of the importance of the Three Seas Fund for building the economy of the region, the Fund would simply not exist,” she added.
The Fund is an international financial instrument operating on market principles, i.e. it is intended to generate profit. So far, the Fund has been joined by institutions from Poland, Romania, Estonia and Latvia.
During Monday’s summit of the Three Seas Initiative, which took place in Tallinn, Croatia and Slovenia made official declarations of joining the Fund. Hungary, Bulgaria and Lithuania are also in the process of joining. The Czech Republic and Slovakia also expressed their willingness to become members of the Fund.
“We strongly believe in this initiative and the need to develop infrastructure along the section from Tallinn to Sofia. It is a source of great satisfaction for us that this completely unrealistic project that the Investment Fund seemed to be has become a true cornerstone of the Three Seas Initiative. It has brought the Three Seas Initiative to life – as where there is money and solid decision-making, undertakings gain strong momentum,” the President of BGK emphasised.