Beata Daszynska-Muzyczka, president of Polish state development bank BGK, has said that the Three Seas Initiative’s demands for investment in energy, digital, and logistics sectors through 2030 is estimated to be around €650bn. The Three Seas Initiative is an infrastructure initiative aimed at enhancing energy, transport, and digital infrastructure in 13 central and eastern European countries and which includes European Union countries Estonia, Latvia, Lithuania, Austria, Poland, Hungary, the Czech Republic, Slovakia, Slovenia, Croatia, Bulgaria, Romania, and Greece. It is the fastest-growing region in terms of economy and GDP.
The initiative receives funding from the European Investment Bank and operates an investment fund of €900m. Around 90 individual projects, spanning gas and electricity infrastructure to railroads, are already in motion. The initiative gained interest after Russia’s 2022 invasion of Ukraine brought renewed attention to the region’s weak infrastructure. Interest in 3SI rose after a September summit in Bucharest, where leaders agreed to bring Greece as a 13th member along with Ukraine and Moldova as associated partners. Japanese companies, including the Japan Bank for International Cooperation, see strong demand for updated rail and communications infrastructure in the region, especially as Ukraine seeks to adopt the European rail gauge standard. The U.S. is also paying attention to 3SI, as the Ukraine war underscores the importance of diversifying sources, routes, and types of energy.
Ukraine’s eventual postwar reconstruction, which is expected to cost over $400 billion, could provide future investment opportunities.
„Everything is connected with rebuilding Ukraine,” Daszynska-Muzyczka said.
CENTRAL EASTERN EUROPE NEWS
Polish Development Bank: ‘Europe’s Three Seas Initiative needs $690bn in infrastructure’
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