The Three Seas Initiative to establish 100bln euro fund to support investment.

The Three Seas Initiative to establish 100bln euro fund to support investment.

The Three Seas Initiative to establish 100bln euro fund to support investment.

Angela Merkel and the German government – vehemently opposed to this Initiative last summer – is now said to be interested in becoming a “partner country”.

“If the remaining member countries also respond positively to the German request, Berlin may send a representative to attend an upcoming summit of Three Seas Initiative,” Poland’s Krzysztof Szczerski said, as quoted by the PAP news agency.

We would urge extreme caution. Time will tell if this is a sincere effort (the German economy is important to the region and vice-versa) or if this is another attempt to expand Germany’s political influence in the region.

An ever-paranoid Brussels views the Initiative as “competition” and a threat to its influence and power. If Germany is the EU, as many suspect, this would create some serious and unnecessary tensions inside the Three Seas. Eventually, the German government may even come to believe that it is their Initiative.

* Stretching from Estonia in the north to Bulgaria in the south, the Three Seas Initiative – a Polish-Croatian idea – was established to strengthen links within Central and Eastern Europe.

To this end, the twelve countries of the Three Seas Initiative, located around the Baltic, Adriatic and Black Sea, are planning to establish a fund to support investment in the region.

An initiative by Bank Gospodarstwa Krajowego, Poland’s national development bank, it would initially fund projects worth a total of 100 billion euros.

Poland’s BGK will work with 11 other banking institutions in the region. The twelve countries are expected to sign a letter of intent on the fund next month in Bucharest, where the third Three Seas Initiative summit will be held on 17-18 September.

Prime Minister Mateusz Morawiecki mentioned plans for the fund earlier this year, in the context of strengthening regional cooperation between Poland and other countries in the region.

“We are building a Three Seas Initiative Fund with our Bank Gospodarstwa Krajowego’s involvement and given the pace of action we may be creating this kind of infrastructure development funds for concrete projects within the framework of the Visegrad Group,” he said at the Group’s summit in Budapest in January.

** Best of luck to this vital Initiative.