Bulgaria Has Attracted Second Largest Investments under Three Seas Initiative Investment Fund

Bulgarian Development Bank Executive Director Tsanko Arabadzhiev said Bulgaria has attracted the second largest investments under the Three Seas Initiative Investment Fund (3SIIF) after Poland. Speaking in Burgas, Arabadzhiev said some EUR 150 million has been absorbed from the Fund's EUR 1 billion. He is on the 3SIIF Supervisory Board.

The first direct investment is intended for BMF Port Burgas. About EUR 70 million are to be invested in the construction of new container, oil and gas terminals at the private operator of Port Terminal Burgas East II and Port Terminal Burgas West, which are both parts of the national public Port Burgas.

Another investment is intended for a solar PV company. For now, 60 megawatts are in operation, with plans to reach 500 MW in two years, which is a quarter of the capacity of the Kozloduy Nuclear Power Plant, Arabadzhiev said.

In his words, Bulgaria benefits in three different ways from the Three Seas Initiative: through its participation in the geopolitical union, through a direct investment of EUR 20 million, which will double, and by attracting investments which translate into jobs and revenues.

The Three Seas Initiative Investment Fund aims to accelerate the development of the Central and East European countries participating in it and to offset the infrastructure differences between them and Western Europe.