Tsanko Arabadzhiev and Ilia Lingorski from BDB join the management of the Three Seas Initiative Investment Fund
In Luxembourg, they presented a proposal for the creation of an innovation fund under the Initiative
BDB's Executive Officer, Tsanko Arabadzhiev, and the Bank's Chief Economist, Ilia Lingorski, are joining the management of the Three Seas Initiative Investment Fund (3SIIF). The fund will provide part of the financing needed to strengthen cooperation between the 12 member states in the Black, Adriatic and Baltic Sea region. BDB representatives participated in a shareholders' summit in Luxembourg where they proposed the creation of a separate innovation fund under the Initiative.
The idea was discussed during Bulgaria's hosting of the Three Seas Summit in July. The aim is to support priority projects in ICT and the development of artificial intelligence, biotechnology, robotics, cleantech and the automotive industry, among others.
The Innovation Fund will support the efforts of each Three Seas member country to implement at least one innovation project successfully. It also aims to support the growth of at least one technology company from the region with a market capitalization of more than $1 billion by the end of the decade.
Tsanko Arabadzhiev and Ilia Lingorski were elected to join the 3SIIF's governing bodies at a general meeting held earlier this month. Arabadzhiev will be a member of the Supervisory Board and Lingorski will be a member of the Fund's Management Board.
BDB is a class-A shareholder in the Three Seas Initiative Investment Fund (3SIIF) with a cash contribution of EUR 20 million. The Fund's target is between EUR 3 and 5 billion and is expected to generate investments totaling up to EUR 100 billion. "Three Seas aims to improve transport, energy and digital connectivity in the region. The Initiative relies on an active partnership with the European Commission as well as with Germany and the US.
It is expected to become a real tool for social and economic cohesion in Europe to compensate for the differences in the development of the different EU regions.