Three Seas Initiative


The Three Seas Initiative, also known as the Baltic, Adriatic, Black Sea Initiative, or simply the Three Seas, is a forum of twelve states in the European Union, along a north–south axis from the Baltic Sea to the Adriatic Sea and the Black Sea in Central and Eastern Europe. The Initiative aims to create an intermarium-based regional dialogue on various questions affecting the member states. The member states are Austria, Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia, and met for their first summit in 2016, in Dubrovnik.

History

The initiative held its first summit in Dubrovnik on 25–26 August 2016. The two-day event ended with a declaration of co-operation in economic matters, particularly in the field of energy as well as transport and communications infrastructure. Polish President Andrzej Duda called the initiative "a new concept to promote Europe's unity and cohesion, it is an idea of cooperation among 12 countries located between the Adriatic, Baltic and Black Seas, the three seas of Central Europe." Guest speakers included Chinese Ministerial Assistant for Foreign Affairs Liu Haixing, who talked about the interconnectedness with the Chinese government's Belt and Road Initiative, and former US National Security Advisor, General James L. Jones, who stressed the initiative's role in European development and security.
The initiative's second summit was held 6–7 July 2017 in Warsaw. US President Donald Trump attended the summit.
The participating countries unanimously agreed to set up a Three Seas Business Forum.
The initiative's third summit took place 17-18 September 2018 in Bucharest. Participants approved a list of priority interconnection projects in the three key areas – transport, energy and digital. President of the European Commission Jean-Claude Juncker, German Foreign Minister Heiko Maas and US Secretary of Energy Rick Perry attended the summit as guests. The first edition of the Business Forum was organised at this time. 3SI Network of Chambers of Commerce was created and Letter of Intent in relation to the establishment of the Three Seas Investment Fund was signed here.

Summits

Projects

The initiative is closely related to two major infrastructure projects in the region:
Other projects are the Baltic-Adriatic Corridor, Via Baltica road, Rail Baltica and Amber Rail Freight Corridor rail connections.

Three Seas Investment Fund

The initial two founding institutions from Poland and Romania have committed themselves to make payments totaling more than 500 million euros. The Fund is open to other Three Seas countries, which may join it after obtaining appropriate permits. The Supervisory Board of the Fund consists of representatives of development banks from Poland, Romania, Latvia, and the Czech Republic.
In 2019, Bank Gospodarstwa Krajowego and Export–Import Bank of Romania signed the founding act of the Three Seas Initiative Investment Fund. The fund is to focus on projects creating transport, energy and digital infrastructure in the Three Seas region. Private investors from pension funds, private investment funds, and other entities will also be invited to the fund. The aim is to raise up to EUR 3-5 billion.
The Fund will engage, on a commercial basis, in infrastructure projects with a total value of up to EUR 100 billion, while the needs of the Three Seas region have been estimated at over EUR 570 billion. The fund is to activate other sources of financing, such as the resources of individual countries of the region or EU funds.
Prior to the 2020 Tallinn Summit, United States Secretary of State Mike Pompeo pledged up to a billion dollars in financing for the Investment Fund.