OTS - BGK agrees with IMF report: "Infrastructure investment is a key priority for the CESEE region to accelerate convergence toward the EU15"
2020. October 16. 14:07
Warsaw, 16 october, 2020 (APA/OTS) - Infrastructure investment is
a key priority for Countries in Central, Eastern, and Southern
Europe (CESEE) to accelerate the convergence of the living
standards toward the level of the more advance European countries,
the EU15 - says the IMF report published on 28th Sep 2020. IMF
highlights the Three Seas Initiative Investment Fund (3SIIF) as an
initiative with the "aim to address infrastructure needs in CESEE".
The report estimates that closing 50% of the infrastructure gap
until 2030 would require an annual investment of 3-8% of GDP.
Attracting private investors should be an important step towards
achieving this ambitious challenge.
To engage investors, the state development bank of Poland, Bank
Gospodarstwa Krajowego (BGK), took the initiative to establish the
Three Seas Initiative Investment Fund (3SIIF). In the report, the
IMF mentions the Three Seas Fund as one of "the several initiatives
aim to address infrastructure needs in CESEE".
"The Three Seas Fund is the economic dimension of the Three
Seas Initiative. The Fund is the most important financial
undertaking in Central and Eastern Europe. We set a clear goal for
the Fund - financial support for infrastructure investments in the
region. Such support is especially important these days as
economies struggle with the effects of the COVID pandemic. The
initiator and co-founder of the Fund is the Polish development bank
BGK. We established the Fund together with our partners from the
Romanian development bank EximBank" - says Beata
Daszyńska-Muzyczka, the 3SIIF Supervisory Board Chairperson and BGK
President.
The Three Seas Fund's main objective is to invest in transport,
energy and digital infrastructure on the north-south axis in the
Three Seas countries and to offset the regional development
differences in the European Union. The Fund is a commercial and
market-driven initiative that will grant a diversified investment
and an attractive return.
The IMF team also state that, if done right, infrastructure
investment could yield significant dividends in the region. More
and better public investment can help repair the economic damage of
the pandemic, raise potential output, and speed income convergence
with the EU15.
"At this time of economic slowdown, its benefits could be even
larger. We estimate that for each percent of GDP spent on
infrastructure, the output could rise by 0,5-0,75% in the short run
and by 2-2,5% in the long run" - the report reads.
See full IMF report here:
https://www.imf.org/en/News/Articles/2020/09/24/na092820-central-eastern-southeastern-europe-after-c
Visit the 3SIIF website here: https://3siif.eu/
Contact with BGK press office:
Bank Gospodarstwa Krajowego
Anna Czyż, tel. +48609220208, media@bgk.pl
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