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The Warsaw Voice » Business » September 20, 2018
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BGK to co-finance The Three Seas initiative
September 20, 2018   
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Beata Daszynska-Muzyczka
Poland's state development bank BGK will put EUR 500 million into the planned EUR 5 billion Three Seas Fund, "a practical aspect of the Three Seas initiative," BGK chair Beata Daszynska-Muzyczka told PAP following the September 17 ceremony of signing a letter of intent on creating the fund.
The fund, seen as a vehicle for financing infrastructural, power sector and digital projects, is to be launched before end-2018, BGK earlier said. It will have its registered office in Luxembourg with no permanent headquarters.
". . . . all the investments will have a very long time horizon," Daszynska-Muzyczka said. "We are thinking of some 70 priority tasks to be implemented, whose total value may exceed EUR 100 bln within even 30 years."
For the time being the Three Seas Fund will be funded by BGK and its counterparts from Croatia, the Czech Republic, Latvia, Romania and Slovakia.
In the future, the fund will be open to other states, which will be granted the status of the so-called general partner, or a member with a right to vote on the projects to be implemented, according to Daszynska-Muzyczka.
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