Press Room

Welcoming by the Minister of Foreign Affairs Bogdan Aurescu of the representatives of the management of the Investment Fund of the Three Seas Initiative

Type: 
Press release
Date: 
11/27/19

The Minister of Foreign Affairs Bogdan Aurescu received at the headquarters of the Ministry of Foreign Affairs, on November 27, 2019, the representatives of the management of the Investment Fund of the Three Seas Initiative (FI3M). They came to Bucharest to take part in the first event of a series of conferences – organized by FI3M – aimed to present the Fund’s activity and objectives.

The discussion touched upon reviewing the developments registered in the process of operationalization of the Investment Fund, from the moment of its launch in the margins of the first Business Forum of the Three Seas Initiative (I3M), held in Bucharest, during the third Summit of the Initiative, successfully hosted by President Klaus Iohannis on September 17-18, 2018.

Minister Bogdan Aurescu welcomed the idea of organizing, in Romania, the first conference aimed to present the Investment Fund and reiterated our country's commitment to its full operationalization, as a significant practical dimension of the Three Seas Initiative. In this context, Minister Bogdan Aurescu stressed the importance of the attendance of all 12 participating States of the Initiative to the activity of the Fund, as well as of attracting other significant investors, including from the United States.

The Minister of Foreign Affairs also referenced the commitment of the President of Romania and of the Government regarding the objectives of the Initiative, a commitment reconfirmed through the current Governance Program.

The Romanian Minister has shown that Romania will continue to cooperate closely with the other partner states and partners, in order to capitalize on the potential of the Three Seas Initiative to stimulate economic growth in the region through increased connectivity and to contribute to strengthening EU cohesion and transatlantic relations.

Romania will continue to actively support, Minister Bogdan Aurescu said, obtaining concrete results at the next Summit and the third edition of the I3M Business Forum, to be hosted by Estonia in June 2020, as well as full implementation of the previous summits decisions.

In this context, he mentioned that it is important that the Fund, which will operate on a commercial basis, offers priority to strategic interconnection projects on the North-South axis of the region of the three seas, in the three areas of interest - transport, energy and digital, as they are included in the list of priority projects adopted at the Bucharest Summit. In this context, he pointed to projects of interest to Romania from this list.

The meeting at the Ministry of Foreign Affairs headquarters was attended, among others, by Mrs. Beata Daszyńska-Muzyczka, the Chairman of the Supervisory Board of the FI3M and the Executive Chairman of BGK - Poland; Mr. Pawel Nierada, Member of the Supervisory Board of FI3M and First Vice-President of BGK - Poland; Mr. Doru Bulată, Member of the FI3M Supervisory Board and EximBank Romania President’s Advisor/Vice President; Mr. Nicolae Albu, Member of the FI3M Supervisory Board and EximBank Romania President’s Advisor/Vice President; Mrs. Corina Vulpeș, member of the FI3M Supervisory Board, director of EximBank Romania.

 

Background information

The Three Seas Initiative is a flexible and informal presidential political platform bringing together the 12 EU Member States between the Adriatic, Baltic and Black Seas (Austria, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia). The initiative aims to increase convergence and cohesion, in parallel with reducing the economic development gap between different areas and EU Member States, by increasing interconnectivity in the region, in the fields of energy, transport and digital. The basic principles of the Three Seas Initiative are: promoting economic development, increasing cohesion at European level and strengthening transatlantic links.

On the occasion of the I3M Business Forum, held in the margins of the I3M Summit in Bucharest (September 17-18, 2018), a Letter of Intent was signed regarding the I3M Investment Fund (HR, CZ, LV, PL, RO, SK), this being the first step in creating the Fund. The Romanian state is represented within the Investment Fund of I3M by the Export-Import Bank of Romania / EximBank S.A.

On May 29, 2019, in Luxembourg, the Polish Development Bank (BGK) and EximBank Romania signed the Statute of the Investment Fund, with a capital of over 500 million euros. The official announcement regarding the setting up of FI3M was made at the I3M Summit in Slovenia this year.