Bulgaria Welcomes US Decision to Participate in Three Seas Initiative with USD 300 Million

Politics | December 11, 2020, Friday // 15:43|  views

foreign ministry

As a country that will preside over the Three Seas Initiative in 2021, Bulgaria welcomed the decision of the Board of United States International Development Finance Corporation to participate in the Investment Fund with 0 million, the Foreign Ministry reported.

Thus, the capital of the Three Seas Fund exceeds EUR 1.2 billion.

The decision, made at the suggestion of US Secretary of State Mike Pompeo, is an important step by which the United States reaffirms its strong support for the Initiative, Bulgaria‘s Foreign Ministry said. The funds are allocated for the development of cross-border energy infrastructure in Central and Eastern Europe.

In September this year, our country committed itself to participate with a contribution of € 20 million for the Investment Fund of Three Seas. Bulgaria has proposed realization of projects, such as the expansion of the underground gas storage facility in Chiren, which is an important element of the strategic energy infrastructure for our country and the region, the rehabilitation of the Ruse-Varna railway line, as well as the construction of a tunnel under the Petrohan Pass and the Black Sea Highway connecting Burgas and Varna.

Deputy Prime Minister and Minister of Foreign Affairs Ekaterina Zaharieva has been chosen to be National Coordinator for the Three Seas. An Interagency Coordination Group and secretariat for organizing the Bulgarian Presidency have been established. It also includes representatives of the President‘s Office.

The Three Seas is a political and economic project of 12 EU Member States from Central and Eastern Europe: Austria, Bulgaria, Estonia, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, Hungary, Croatia and the Czech Republic, with its objectives fully in line with the EU's Cohesion Policy. The initiative is based on a strategic partnership with the US and enjoys the support of Germany.

The Three Seas aims to promote cooperation between the countries along the North-South axis. Its main focus is on the development of cooperation in the commercial and economic field, deepening integration between the countries of the Baltic, Adriatic and Black Sea regions, as well as greater connectivity in the fields of energy, transport, communications, information technology and business.

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Tags: Three Seas Initiative, US, Bulgaria


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