Infrastructure is a key foundation stone and a powerful driver of economic growth and resilience. The Three Seas Initiative (3SI) was launched by twelve EU member states situated between the Baltic, Black, and Adriatic Seas to accelerate the development of cross-border energy, transport, and digital networks. On October 19, Tallinn will host the next Three Seas Summit convening top leaders from Central Europe, the European Union, the United States, and Germany.
Successful execution of 3SI addresses a trillion dollar regional infrastructure deficit, a legacy of Soviet occupation of Central Europe, and will expand the linkages between 3SI member states and between the region and the rest of Europe. Toward these ends, a commercially-managed Three Seas Initiative Investment Fund was launched earlier this year to invest in the region’s cross-border projects, and the United States has pledged to invest up to $1 billion in the fund and 3SI energy projects.
The International Monetary Fund will soon release a landmark study, Infrastructure in Central, Eastern, and Southeastern Europe: Benchmarking, Macroeconomic Impact, and Policy Issues, that examines the region’s infrastructure gaps and assesses the potential returns of infrastructure investment. The report articulates policies that can help countries and regions maximize the benefits of infrastructure investment.
In the run up to the October 19 Three Seas Summit hosted by the President of Estonia in Tallinn, the Atlantic Council hosts a discussion on this important IMF report, the Three Seas Initiative, and the opportunities the region’s economic vitality presents for investment.
Dr. Kristalina Georgieva
International Monetary Fund
H.E. Kersti Kaljulaid
President of the Republic of Estonia
H.E. Kadri Simson
European Commissioner for Energy
Mr. Frederick Kempe
President and CEO