The Three Seas Fund conference in Vilnius – on opportunities and investment needs of Lithuania
The Ministry of Finance of the Republic of Lithuania in association with VIPA, Lithuanian Public Investment Development Agency, organized yet another Three Seas Fund conference that was held on November 17 in Vilnius. Its participants discussed the Fund’s development, its nearest plans, and investment needs of Lithuania in three areas – transport, energy and digital infrastructure.
At the conference each speaker presented the role of the Three Seas Initiative Investment Fund (3SIIF) and its impact on the development of the countries of this region.
- The Three Seas countries are united not only by geographical location but also by culture or history. This is a sound foundation on which we can build something great. The Three Seas Fund will trigger the economies of the region which in the long-term will result in the increase of GDP of individual countries. Each 1 per cent of GDP value invested in infrastructure may in the future bring profit of up to 2-2.5 per cent of GDP level – Beata Daszyńska-Muzyczka, President of Bank Gospodarstwa Krajowego and Chairperson of 3SIIF Supervisory Board said.
- The investment needs of our region are huge. They are estimated at EUR 600 billion but you need to remember that this is the amount that would only let us match the level of western infrastructure. We are also talking about only three investment areas – transport, energy and digital infrastructure – and there are more of them, such as education, health care or monument protection – Beata Daszyńska-Muzyczka argued.
- The Three Seas markets are very similar and we are stable as a region. Thanks to this our Fund has a significant potential in the eyesof investors. With our actions we do not want to substitute but complement other forms of financing such as European Union financing or own funds – Paweł Nierada, the First Vice President of BGK and the Fund’s Supervisory Board member argued.
Gediminas Norkunas, Vice Minister of Finance of the Republic of Lithuania, argued how many benefits, thanks to the cooperation of individual markets, the Fund, perceived as a trigger for the development of economies, may bring. Arnoldas Prankevicius, Vice Minister of Foreign Affairs of the Republic of Lithuania, stressed how important energetic and transport independence of the region is. Whereas Gvidas Darguzas, General Director of VIPA, believed that thanks to such conferences the awareness of 3SIIF in Lithuania is growing, and new investments are greatly needed for his country, among others, to increase the access to digital solutions among the residents.
- The size of investments made by us is usually from EUR 50 to 250 billion. However, we can also make smaller investments, in smaller economies in the Three Seas region – Joe Philipsz, Head of 3SIIF Investments, Amber Infrastructure, said. He also presented the selection process for the financing and described the most important benefits of the region from the potential investor’s point of view.
During the conference the specific investment needs in Lithuania were presented in the area of transport, energy and digital infrastructure, and also those projects that would address those needs most effectively.
Rolandas Zukas from the Lithuanian energy group EPSO-G presented the development plans of energy infrastructure. Saulius Kerza from the Ministry of Transport and Communications of Lithuania emphasized how crucial it is to continue infrastructural investments – roads, railway connections, ports and airports.
Bank Gospodarstwa Krajowego is the initiator, originator and co-founder of the Three Seas Initiative Investment Fund. So far 10 investors (out of which 9 are banks and development institutions from: Poland, Romania, Latvia, Estonia, Slovenia, Croatia, Bulgaria, Hungary and Lithuania) allowed the fund to accumulate almost one billion EURO of capital, and so far three infrastructure investments have been implemented.