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English Section

Estonia joins Three Seas Initiative Investment Fund

17.04.2020 01:30
Estonia has become the third country to join the Three Seas Initiative Investment Fund, alongside Poland and Romania.
Polish Foreign Minister Jacek Czaputowicz (left) and Estonias Urmas Reinsalu (right) meet in the Estonian city of Tartu in February.
Polish Foreign Minister Jacek Czaputowicz (left) and Estonia's Urmas Reinsalu (right) meet in the Estonian city of Tartu in February.Photo: PAP/Wojciech Olkuśnik

The Estonian government on Thursday confirmed its decision to join the fund, which is expected to help finance ambitious infrastructure projects in the energy, transport and digital sectors in Central and Eastern Europe, according to the vm.ee website.

Poland and Romania have previously contributed to the project, and several other countries are considering becoming members.

Estonia’s Foreign Minister Urmas Reinsalu has been quoted as saying that joining the fund is an important step for his country in “political cooperation with the United States and the states of Central and Eastern Europe.”

Reinsalu said the fund would provide a strong impetus for overcoming strategic shortcomings in infrastructure investment, particularly in areas such as energy security, digital networks and transport links.

Estonia says it has begun preparations for the fifth summit and third business forum of the Three Seas Initiative, which will be held in its capital Tallinn on October 19 and 20 after it was rescheduled last month due to the spread of the coronavirus.

Estonia’s Reinsalu said: “Organising the summit and business forum in Estonia is an excellent opportunity to enhance cooperation with the Three Seas countries."

He added: "The COVID-19 pandemic and its paralysing influence on the functioning of societies, the availability of essential products, medical equipment and personal protective equipment and the economy in general has further increased the importance of strategic connections.”

The Polish-led Three Seas Initiative aims to boost infrastructure, energy and business ties among 12 countries between the Black, Baltic and Adriatic Seas.

The initiative brings together Poland, Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Lithuania, Latvia, Romania, Slovakia, Slovenia and Hungary.

The initiative’s key partners are Germany, the European Union and the United States.

More information at www.3seas.eu

(gs/pk)

Source: vm.ee