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Dec 18, 2020 16:00 EEST
December 18 (SeeNews) - State-owned Bulgarian Development Bank (BDB) said on Friday it became a shareholder in the investment fund of the Three Seas Initiative of 12 EU member states by investing some 20 million euro ($24.5 million) in it.
The BDB is now officially a Class A shareholder in the investment fund, the bank said in a statement.
"ThreeSeas Initiative Investment Fund has successfully raised an additional 20 million euro of commitments, invested by the Bulgarian Development Bank. Bulgaria joins Poland, Romania, Estonia, Latvia, Slovenia and Hungary as cornerstone investors," the Three Seas Summit and Business Forum said in a statement published on its Twitter profile on Friday.
The Three Seas Initiative brings together EU member states located between the Baltic, Black, and Adriatic seas - Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Austria, Croatia, Romania and Bulgaria. The political project aims to promote cooperation for the development of infrastructure in the energy, transport, and digital sectors, whereas its investment fund is a dedicated commercial fund targeting critical infrastructure investment in the region.
The infrastructure projects for which Bulgaria is seeking financing under the Three Seas initiative include the construction of a tunnel under the Petrohan Pass, in the northwestern part of the country, works on the railway link between the cities of Ruse and Varna, in the northeastern part, as well as the expansion of the capacity of Chiren underground gas storage facility, according to information published by the Bulgarian foreign ministry.
Earlier this year, Bulgaria's prime minister Boyko Borissov said that by investing in Three Seas the government creates significant opportunities for the implementation of key infrastructure projects in the country,
($ = 0.815346 euro)
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