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The Three Seas Initiative Investment Fund: Origins and Stages of Development

Agnieszka Orzelska-Stączek

The Three Seas Initiative Investment Fund (3SIIF) was first conceived in 2017 and has since attracted considerable interest and provoked many questions. We argue that the Fund as a research subject is complex: on the one hand, it is an independent legal entity in the legal dimension, and on the other hand, in political science, it is a specific element of regional cooperation. The research goal of this article is to answer the following questions: What is this fund’s role? How was it created? What are its connections with the Three Seas Initiative? In particular, is it strictly dependent on the 3SI? Or is it an investment fund, which does not have much in common with the 3SI, apart from its brand?

I distinguish three stages in the development of the 3SIIF:

1) 2017–2018, from the emergence of the concept to the signing of the letter of intent to establish the fund;

2) 2018–2023, when the legal and financial framework was defined, the newly-created investment fund began operating commercially until it announced in 2023 that the stage of raising funds from investors was closed;

3) from 2023 onwards. The stage of raising funds from investors was closed. The fund continues to operate to fulfil its aims and legal obligations. Discussions have started to establish a new, different fund in the Three Seas Initiative framework.

At each stage, the 3SIIF’s connections with the Three Seas Initiative developed in a different way. In the first stage, the fund was only a concept and remained fully dependent on the Three Seas Initiative development. In the second and third stages, the fund became a separate, independent entity registered under Luxembourg law, regulated by law, and had its own statute, governing bodies, and headquarters. Despite this distinct legal personality, the fund’s success or failure in the investment field will certainly impact cooperation within the Three Seas Initiative in the political dimension. Some ambiguity concerning the fund is a constant element of discussions accompanying the 3SI.

The Three Seas Initiative formally was inaugurated at the presidential summit in Dubrovnik in 2016. From the beginning, cooperation within the 3SI was supposed to be flexible, without a permanent institutional framework[i]. The 3SI is not an international organization; it has no statute defining its goals, functioning and structures. This provides greater flexibility for decision-makers but at the same time, increases the risk of unclear messages being sent and false narratives being constructed – an issue of particular importance in the context of the Three Seas Initiative Fund.

How the fund is perceived has been shaped by the Three Seas Initiative itself and the 3SIIF decision makers, who emphasize that it is a commercial entity. Consequently, only fragmentary information on the fund may be publicly available. Moreover, the term “fund” is broad and 3SIIF was sometimes confused with funds of different legal grounds. All of these elements could cause misunderstandings.

Methodologically, I rely on qualitative research[ii]. My starting point was the literature on the subject and discussions at seminars at the ISP PAN forum. Authors of works on the Three Seas Initiative usually devote little space to the 3SIIF. One exception should be noted, that is a 48-page report by Julita Wilczek and Andrzej Rudowski, Three Seas Fund. Towards the institutionalization of the initiative[iii], which discusses the fund’s objectives, role, structure and organizational principles. Other important source materials include published statements by 3SIIF decision makers.[iv] As regards primary sources, for the political dimension of the 3SIIF, these included, most importantly, the official declarations adopted by the presidents at subsequent summits of the Three Seas Initiative. The declarations include references to the fund. For the commercial dimension, the most important primary sources include legal and financial documents, which are publicly available.



At the beginning of 2017, the Three Seas Initiative was largely unknown. That changed, though, when US President President Donald Trump decided to come to Poland to take part in the second 3SI presidential summit. Ultimately, ten presidents of Three Seas states came to Warsaw, as well as the US president as a special guest. The second Three Seas Initiative summit became one of the most important diplomatic events in Central Europe in 2017. It was in these circumstances that the concept of establishing the Three Seas Fund appeared for the first time on the agenda of the Polish Development Bank (Bank Gospodarstwa Krajowego, BGK) management board. BGK had extensive experience in managing European investment funds under the name Marguerite (Marguerite 1, Marguerite 2, Marguerite 3), and these served as model solutions and provided a conceptual basis for the 3SIIF[v]. In the light of statements made by BGK representatives, this combination of factors – BGK’s positive experience with investment funds, and the organisation of the Three Seas Initiative summit in Warsaw – gave impetus to the idea of establishing a new fund. This, after all, fit in with the bank’s main mission to support Poland’s socio-economic development. In short, the 3SIIF was inspired by the Three Seas Initiative, but its operating mechanisms and legal structure were modelled on previously known investment funds. BGK played the leading role in establishing the 3SIIF and became its largest shareholder. Representatives of the bank promoted the idea in the capitals of the Three Seas countries for many months, and those conversations had a spinoff effect of building up a network of contacts by establishing direct relationships[vi].



The 2nd 3SI summit in Warsaw in 2017 gave a new dynamic to Three Seas cooperation. In the following months, there was an unexpected change in the European Commission’s and German previously distant approach. The 3rd 3SI summit in Bucharest in 2018 was attended for the first time by the head of the European Commission, the heads of the European Bank for Reconstruction and Development and the European Investment Bank, the German Minister of Foreign Affairs, Heiko Maas. The USA were represented by the US Secretary of Energy, Rick Perry.

The Bucharest summit brought a qualitative change – a transition from developing goals and strategies to implementing ideas. A joint declaration was adopted that set out the three main goals of the Three Seas Initiative: 1) stimulating economic development, 2) strengthening EU cohesion, and 3) enriching transatlantic ties. This led to subsequent attempts to tighten cooperation on various levels.

The first edition of the 3SI Business Forum was organized in Bucharest, with over 600 participants. In the joint declaration, the creation of a network of chambers of commerce and industry among the 3SI states was also announced.[vii]

Additionally, at the 3SI Business Forum on 17 September 2018, a letter of intent on the establishment of the Three Seas Initiative Investment Fund was signed by financial institutions from six states: BGK from Poland, and institutions from Croatia, the Czech Republic, Latvia, Romania and Slovakia. Based on the available sources, it is difficult to say whether the choice of 17 September, associated in Poland with the anniversary of the Soviet invasion in 1939, was coincidental or intentional. Either way, the date may prove important in building up a narrative about the 3SIIF strengthening the region against the threat from Russia.

At the summit, a list of investment projects was approved, in a catalogue of about 150 pages entitled: The Three Seas Initiative – Priority Interconnection Projects[viii]. No. 1 of the Bucharest joint declaration stated that the parties[ix] welcomed

“the list of priority communication projects of the Three Seas Initiative in three key areas: transport, energy and digitization, the aim of which is to improve the process of political support for these projects and encourage interested Governments, companies and financial institutions to work together for their rapid implementation. They invite all interested stakeholders to cooperate in obtaining financial resources necessary to implement Three Seas Initiative projects, including identifying all possible EU funds and other funds for their implementation”[x].

The list included two categories: first, multilateral projects, and second, bilateral and national projects with international potential. Each category was divided into three areas: energy, digitization and transport. Some of these projects were already underway, some were still planned, and placing them on the list of investment priorities was intended to facilitate obtaining support for their further implementation.

The declaration adopted in Bucharest included the first mention of the 3SIIF in a document of such importance. It was stated that the parties

“appreciate the signing, during the Three Seas Business Forum, of the Letter of Intent on the establishment of the Three Seas Investment Fund by relevant financial institutions intending to participate in the Fund”[xi].

The same document defined the fund’s objectives, stating that it would initiate, support, and finance priority communication projects supported by the 3SI and other future Three Seas projects[xii].

This provision requires clarification because it is one of the main sources of confusion around the 3SIIF. It mentions the fund’s financing of “priority communication projects supported by the Initiative”, which could convey the impression that the fund would remain closely tied to the list of priority projects and focus on them. Even though such intentions may have appeared when the fund was being established, ultimately, the projects from the list were not treated as a priority. They were analyzed in the same way as other projects not included on the list. The decisive criteria were profitability and compliance with the fund’s strategy[xiii].

The signing of the letter of intent on establishing the 3SIIF on Sept. 17, 2018 opened the way to developing detailed arrangements. In these BGK consistently played the most active role. At this stage, the work mainly involved creating an investment strategy and the legal structure of the fund. Monthly workshops were organised in which working groups from financial institutions from the 3SI states, the EIB and EBRD met to look for joint solutions (in different states to emphasise the regional, multilateral nature of the project). This stage of work was completed within eight months of the signing of the letter of intent[xiv].

A notarial deed on establishing the Three Seas Initiative Investment Fund was signed in Luxembourg by representatives of BGK and Eximbank Romania on 19 May 2019. The fund was registered in the city of Luxembourg on 29 May 2019, under number B 234.989. The founders – BGK and Eximbank Romania – declared contributions in a total amount of EUR 520 million: EUR 500 million from BGK and EUR 20 million from Eximbank. Questions arose as to where these sums came from, why the notarial deed was signed by representatives of institutions from Poland and Romania only, why there was no representative of a financial institution from other signatories of the letter of intent, particularly from Croatia, which, as a co-organizer of the Dubrovnik summit, was perceived as one of the leaders of the 3SI. Vice-President Paweł Nierada explained: “Due to certain regulatory conditions, we could actually do it ‘on the fly’. In other institutions, this path was more complex, so individual countries joined later, in the following months. Sometimes the consent of parliament was needed”[xv]. Arguments for such a solution also indicated Poland’s involvement in the 3SI, the active role played by BGK as the originator of the 3SIIF, and Eximbank’s role from Romania’s where the letter of intent to establish the 3SIIF had been signed[xvi].

Registering the fund in Luxembourg, under Luxembourg law, was not an obvious choice. It could be argued that registering the fund in a 3SI state would strengthen the state’s prestige and give an additional impetus to its development. It could also mean lower operating costs, and strengthening local businesses. Such was the case with the Visegrad Fund, which is based in Bratislava.

However, another option won out, for the following reasons. The legal structures of many European investment funds are located in Luxembourg, and this is known to investors around the world. Within the European Union there was still a palpable division between the less developed, peripheral part of Europe (called Central Europe, or Central and Eastern Europe) and Western Europe. The periphery incurs higher costs of acquiring capital and gaining investor trust. For many investments, they often provide a greater return on capital but are perceived as carrying greater risk.

Also, the choice of Luxembourg made it possible to skip the stage of competition over locating the headquarters in a particular place, since locating the 3SIIF headquarters in one of the Three Seas countries would have led to a discussion about the resulting unequal benefits for individual countries in the region. According to the theory of neorealism, relative profits are decisive for a state to decide to engage in international cooperation. That is, if cooperation will bring greater benefits to another country, it is perceived as less useful, and consideration must be given to the consequences of the change it will bring to the balance of power[xvii]. Such concerns are visible in the relations between the countries of Central Europe, because of their historical burdens, and because of third parties – who can play these countries against each other.

Work on establishing the fund was progressing. In a declaration adopted in Ljubljana at the summit on 5-6 June 2019, the parties expressed their satisfaction with the establishment of the 3SIIF. They indicated that its aim is to launch, support and finance priority infrastructure connection projects important for the future prosperity and well-being of the region and its inhabitants, and therefore to act as a tool for creating new opportunities and further strengthening investment and economic cooperation between the Three Seas Initiative, the EU and other partner countries[xviii] . In a further declaration adopted in 2020, no provision appeared on ‘priority projects’ in the section on the 3SIIF.

After completing the next stage of work on the legal and financial details enabling the Three Seas Fund to commence operations, on 26 February 2020 in Riga, representatives of BGK and Eximbank Romania signed a subscription agreement, formally undertaking to make payments. At the same time, it was announced that the British company Amber Fund Management Limited had been selected as an investment advisor. From that day on, the Fund was able to operate, make investments and attract investors[xix]. But at the very beginning, plans had to be changed because of the COVID-19 pandemic and the restrictions introduced in the spring of 2020. The pandemic caused a sharp decline in economic development, felt both in the EU itself and globally.

The 2020 Tallinn Declaration devoted much more space to the Fund than previous documents had. The parties confirmed the Fund’s importance as an investment tool for financing connectivity projects in the Three Seas region, though no mention was made of the constantly expanding list of priority projects. The parties also expressed their satisfaction that Estonia, Latvia, Hungary, Bulgaria, Lithuania, Slovenia and Croatia had all decided to join Poland and Romania as investors in the fund.

In this way, the fund gathered institutional investors from the following nine countries: Bulgaria, Croatia, Estonia, Lithuania, Latvia, Poland, Romania, Slovenia and Hungary. Austria, the Czech Republic and Slovakia were missing from this group.

The Czechs, like the Slovaks, had signed the letter of intent to establish the 3SIIF, and had sent signals about their intention to join the fund, but did not make any formal commitments. They did take the opportunity to appoint a representative to the fund’s Council, even though they were not shareholders. And there Slovakia has shown some interest, but to date has taken no binding steps. The Austrian authorities have consistently declared their lack of interest in such an investment institution. This, however, did not prevent the Austrian-based company Enery, which operates in several Central European states, from being selected for the third 3SIIF investment.

It is worth noting that the documents adopted at the 3SI forum repeatedly include provisions on the participation of individual countries in the 3SIIF, although, to be precise, it is not states that participate, but financial institutions known as ‘core sponsors’. These include: BGK from Poland, Eximbank from Romania, SID Banka from Slovenia, Exim from Hungary, Altum in Latvia, the Estonian Ministry of Finance, BDB from Bulgaria, HBOR from Croatia, and VIPA from Lithuania[xx]. Moreover, on the official website of the fund itself, members of the Supervisory Board and Management Board are presented as representatives of states, and the names of the financial institutions they come from are not specified[xxi]. Referring to states as shareholders of the fund is a kind of shortcut made to simplify the message. It relates to the large role state institutions play, and to the Fund’s complex personality and multidimensionality. The Three Seas Fund has appeared in every Three Seas Initiative summit declaration adopted since 2018. Those declarations are signed by the presidents of all 3SI states, although, as mentioned, Austria, the Czech Republic and Slovakia have not yet become 3SIIF shareholders.

The Tallinn Declaration also expressed satisfaction “with the United States’ declaration at the Munich Security Conference in February 2020 about its intention to invest up to USD 1 billion in the Three Seas Initiative countries”[xxii]. Specifically, this is a passage from a speech given on 15 February 2020  during the 56th Munich Security Conference by US Secretary of State Mike Pompeo[xxiii]. The speech was significant politically because confirmation of US interest strengthened the Fund’s brand. The Tallinn declaration also welcomed the interest and involvement of European and international financial institutions in the Three Seas Initiative. They were encouraged to join the 3SIIF as investors, further strengthening its position.

Two other important events took place at the Tallinn Summit on 19-20 October 2020. Firstly, BGK announced that it would increase its contribution to the fund by EUR 250 million, to EUR 750 million. Secondly, US Undersecretary for Economic Growth, Energy and Environment, Keith Krath, emphasized that the final amount of American support would depend on the total declared contributions to the Fund from the countries of the region, and would amount to 30% of that amount. In 2022, an American government agency, the Development Finance Corporation (DFC), declared a capital commitment to the Three Seas Fund of up to a maximum amount of USD 300 million. Paweł Nierada, vice president of BGK, explained: “This is a very important moment for the fund, because Americans are the first investor from outside our region who wants to invest in the development of infrastructure in this part of Europe. We believe that this will also be a positive signal for other private investors. However, in a word, supplementation regarding [the] contribution to the fund. None of the investors transfer money until the moment of investment. (…) We are constantly talking about commitment and declared payments”[xxiv].

The pandemic did not prevent the Three Seas Initiative summit from being held in Sofia on 8-9 July 2021. The declaration adopted at that time states that the parties recognize the significant potential of the 3SIIF as an important co-financing mechanism for closing the infrastructure gap in the region, and will therefore encourage strengthening the Fund through greater investment and by stimulating public-private partnerships. The first three Three Seas Fund projects to be selected were announced, and awaited subsequent investment decisions. It was emphasized that infrastructure projects are the cornerstone of the Three Seas Initiative, since they serve to achieve common goals. Cooperation must be project-oriented and focus on developing infrastructure connections, while reflecting economic efficiency and achieving balance throughout the region[xxv].

The Sofia declaration also stated that the parties welcomed the US administration’s decision to continue its strong support for the Three Seas Initiative, and welcomed the steps taken by the DFC to develop the best investment structure for US involvement in the Fund[xxvi]. This subject was further developed at the Riga summit in 2022, where the declaration adopted also praised the US decision to engage in the Fund[xxvii]. The details of this decision were announced publicly at the Business Forum that accompanied the presidential summit. During a discussion panel entitled The Three Seas region – primed for future-proof investment, Scott Nathan, president of the DFC, announced that his institution would become the next investor in the fund, with a capital contribution of up to USD 300 million (approx. EUR 280 million), thanks to which the total capital accumulated in the fund would amount to roughly EUR 1.3 billion[xxviii].

The subsequent declarations adopted by the presidents of 12 countries at Three Seas Initiative summits devote a lot of attention to the Three Seas Fund. While those documents do not have legal force, they are a key element to any examination of the political dimension of the Fund as an entity of international cooperation in Central Europe.



The stage of raising funds from investors was closed in 2023. The fund continues to operate to fulfil its aims and legal obligations.

Discussions have started to establish a new, different fund in the 3SI framework. The name of a 3SI Innovation Fund appeared for the first time in the 2023 Bucharest declaration. In the document, the parties noted:

  1. We are pleased to notice that the 3SI Investment Fund (3SIIF) has made new investment allocations to infrastructure projects in 3SI countries such as the Republic of Bulgaria, the Republic of Poland and Romania.
  2. We salute the dynamic evolution of the Three Seas Initiative Investment Fund, which, at exceptional speed, three years after becoming operational has invested in energy, digital and transportation sectors into the Three Seas region, proving its capability to develop projects that contribute to increase of renewable capacity in the regional energy mix, enhance the security and independence of energy supply, as well as digital and transportation interconnectivity in the Three Seas region. The 3SIIF has so far supported 5 projects, of approximate value of EUR 6 billion, with up to 2 more projects soon to be revealed.
  3. We acknowledge the existence of numerous attractive investment opportunities in the pipeline of the 3SIIF and the success of the initial investment fund. We strongly encourage the creation of a succeeding financial vehicle based on the success of its predecessor and other core sponsors of the 3SIIF to join, as a swift action to mitigate the macro-economic challenges in the region, directing investments into a focused green-oriented successor infrastructure fund and continuing to drive resources for the financing of such a vast pipeline of projects across the 3SI region. We also acknowledge the intention to launch a 3SI Innovation Fund that could address the rising needs for investments in cross-border innovative projects, deploy more investments in technological advancements and strengthen the innovation ecosystem of the whole 3SI region, in line with the European priorities for sustainable and technologically advanced economic transition.



From the perspective of private investors, the Three Seas Fund is a joint-stock company in which the most important decision-making bodies are: the general meeting of shareholders, the supervisory board, and the Fund’s management board. The Fund is considered an “alternative investment fund”, which means that only selected investors can hold shares in it[xxix]. The organizational structure and basic operating principles are described in the Fund’s articles of assocation[xxx]. The General Meeting represents the interests of all shareholders, each of which has a certain number of votes depending on the number of shares it holds and, in practice, the size of its contribution. This currently gives BGK the strongest position. Beata Daszyńska-Muzyczka, president of BGK, is the Chairwoman of the Supervisory Board. The Supervisory Board supervises the work of the Management Board, which is responsible for the day-to-day business of the fund. In addition to these bodies, important roles are played by the different units responsible for managing the fund, including the investment advisor (the British company Amber Fund Management Limited), and other supporting entities.

In May 2022, the total declared budget of the 3SIIF was EUR 928 million. It included the shares of major investors from nine Three Seas countries, who had declared a total contribution of EUR 913 million, as well as from two private investors whose names and contribution amounts were not made public. Additionally, as mentioned above, the DFC declared a capital contribution of up to USD 300 million (approx. EUR 280 million), thanks to which the total capital accumulated in the Fund was to reach about EUR 1.3 billion[1]. In original plans, the Fund’s budget was expected to reach EUR 3-5 billion.

In July 2023 the President of BGK declared that the Fund’s contribution to the investments amounted to EUR 781 million, while their total value exceeds EUR 6 billion.[xxxi] So far, the 3SIIF made five investments. Investments of the 3SIIF into one or two more projects are also considered.[2]

In November 2020, the first FIIT investment was finalized: Cargounit (based in Poland); in December 2020, there was a second finalization: Greenergy Data Centers (located in Estonia), and in May 2021 another – Enery (based in Austria, operating in the Czech Republic, Bulgaria, Slovakia). Thus, the 3SIIF portfolio included three investments with a total value of EUR 440 million – one in each of the priority investment sectors of transport, energy and digitization. In June 2022, a fourth investment was finalized: BMF Port Burgas EAD, a company operating the port of Burgas in Bulgaria, and in 2023 a fifth investment involving the company R. Power based in Warsaw[xxxii].



In the first stage of its development, he Three Seas Initiative Investment Fund was strictly dependent on the Three Seas Initiative. It was treated as a potential subsidy instrument for supporting the implementation of key investments for the region. Over time, that concept has changed. In the second stage, the Fund became an independent legal entity with capacity to develop its own relationships with investors and business communities.

While the Three Seas Initiative remains a loose form of cooperation, the 3SIIF functions as a clearly defined legal entity. Its purpose is to increase investments in Central Europe, attract new investors and generate profits on a commercial basis. The fund began operating as a legal person in 2020, an entity with the rights and obligations laid down in its articles of association, which specifies who creates the entity, who makes decisions on its behalf, and the principles on which it operates.

The 3SIIF exists as an institution that is both within and separate from the Three Seas Initiative. Its initiators were bankers from Poland who came up with a bold idea, gathered support in the region, and got things moving. This shows the readiness of Polish decision-makers to look for new development paths and take up challenges that may impact Central Europe’s position internationally. This involves risk. At the current stage of the Fund, the main investment risk rests on BGK’s shoulders. Just as the Polish authorities demonstrated great commitment to promoting this form of cooperation, BGK has taken on the role of an informal leader of the 3SIIF, though this is not a declared role or one to which the bank aspires. On the contrary, the BGK authorities emphasize that they seek greater involvement by new shareholders and new capital, to change the current disproportionate financial involvement between Poland and the other shareholders.

The institutionalization of the Three Seas Fund has made it largely independent of political fluctuations at the domestic and international levels. This is particularly important, especially in view of the strong polarization on the Polish political scene and its adverse impact on Poland’s international position.

The Three Seas Fund constitutes a new element in Central European regional cooperation. Gaining the status of a commercial enterprise, it has separated itself to a certain extent from the political conditions at the domestic and international levels. The fund has already become an inspiring research subject that can help us deepen our knowledge about the opportunities and barriers to developing regional cooperation in Central Europe.

prof. Agnieszka Orzelska-Stączek, ISP PAN – professor at the Institute of Political Studies, Polish Academy of Sciences (ISP PAN), leader of the project “Three Seas Initiative Research Centre” at the ISP PAN.

Co-financed from the Polish state budget under the Minister of Education and Science program “Science for Society”, project no. NdS/543014/2022/2022, amount of co-financing: PLN 1,500,000.00, total project value: PLN 1,547,200 zł.

[1] „USA po Szczycie w Bukareszcie w 2023 r. dokonały finalizacji inwestycji w 3SIIF (w formie instrumentu dłużnego) w wysokości 300 mln USD.” https://www.gov.pl/web/dyplomacja/inicjatywa-trojmorza

[2] https://www.gov.pl/web/dyplomacja/inicjatywa-trojmorza

[i] P. Kowal, A. Orzelska-Stączek, Inicjatywa Trójmorza: geneza, cele i funkcjonowanie, ISP PAN, Warszawa 2019; P. Bajda, A. Orzelska-Stączek, Security Aspects of Cooperation in Central Europe Visegrád group, Bucharest Nine and the Three Seas Initiative, „Online Journal Modelling the New Europe” 2021, nr 37, s. 4–23; T. Stępniewski, G. Soroka, The Three Seas  Initiative:  Geopolitical  Determinants  and  Polish  Interests,  „Rocznik  Instytutu  Europy  Środkowo-Wschodniej” 2019, t. 17, z. 3, DOI: 10.36874/.

[ii] About qualitative methods and their criticism: F. Devine, Metody jakościowe, w: D. Marsh, G.  Stoker  (red.),  Teorie  i  metody  w  naukach  politycznych,  Wydawnictwo  Uniwersytetu  Ja-giellońskiego,  Kraków  2006,  s.  199–200;  D.  Jemielniak(red.), Badania  jakościowe.  Metodyi  narzędzia,  PWN,  Warszawa  2012;  R.  Backer  et  al.,  Metodologia  badań  politologicznych,  Uniwersytet Mikołaja Kopernika w Toruniu, Polskie Towarzystwo Nauk Politycznych, War-szawa 2016, s. 78–96. Zob. także: N.K. Denzin, Y.S. Lincoln (red.), Metody badań jakościo-wych, red. wyd. polskiego K. Podemski, PWN, Warszawa 2009, t. 1. s. 19–76.

[iii] J.  Wilczek,  A.  Rudowski,  Fundusz  Trójmorza.  W  stronę  instytucjonalizacji  inicjaty-wy?, (Barometer, 3) Collegium Interethnicum, Warszawa 2021, https://interethnicum.pl/analizy/ (dostęp: 30.02.2023).

[iv] About interviews from the methodological point of view:  A.  Orzelska-Stączek,  P.  Ukielski,  Inicjatywa Trójmorza z perspektywy jej uczestników, ISP PAN, Warszawa 2020; J. Wiśniewska, Wywiad  jako  technika  gromadzenia  danych  w  badaniach  jakościowych,  w:  K.  Ławniczak, Metody jakościowe i ilościowe w badaniu organizacji i działania Unii Europejskiej, Wydaw-nictwo WDiNP, Warszawa 2013; S. Kvale, Prowadzenie wywiadów, przeł. A. Dziuban, PWN, Warszawa 2010, s. 10.

[v] Paweł Nierada, first vice-president of the management board of BGK, talked about this in an interview with Paweł Rożyński, Catalyst of Intermarium projects,   „Rzeczpospolita”,   26.11.2018,  (https://www.rp.pl/Wywiady/311259953-Katalizator-projektow-Miedzymorza.  html,  dostęp:  1.07.2023). See also: speech by Beata Daszyńska-Muzyczka, president of the management board of BGK S.A., chairwoman of the supervisory board of the Three Seas Fund, at the meeting of the Foreign Affairs Committee (no. 32) on December 16, 2020, while considering the Information of the Minister of Foreign Affairs on cooperation under the Three Seas Initiative and projects implemented with funds from the Three Seas Fund, she said: “Then there was a summit in Warsaw with the participation of President Trump. Warsaw was closed then, especially the center. The bank building, located at Rondo de Gaulle, was also inaccessible and closed. It was a time of strategic rethinking for the board. Then an idea was born to support this important initiative for the entire region through financial institutions and development banks. https://orka.sejm.gov.pl/zapisy9.nsf/0/291717D85E9BC552C125864E004B-2FD6/%24File/0087809.pdf (dostęp: 1.07.2023). About Marguerite’s funds: https://www.bgk.pl/biuro-prasowe/archiwalne-komunikaty-prasowe/bgk-kupil-od-pko-banku-polskie-go-udzialy-w-funduszu-marguerite-i/ (access: 1.07.2023).

[vi] President Beata Daszyńska-Muzyczka explained: “We, as Bank Gospo-dnictwa Krajowego, started a journey through 12 countries. We first organized individual meetings with our counterparts in these 12 countries to inspire them to take part in a joint venture, which is to establish the Three Seas Investment Fund. Since May 2018, we have had regular monthly meetings of all teams, with the exception of Austria, which signaled from the beginning that it does not need such support because it is the most developed country among the Three Seas member states, and will not participate through the representation of its financial institutions in creating the Three Seas Fund”. https://orka.sejm.gov.pl/zapisy9.nsf/0/291717D85E9BC552C125864E004B2FD6/%-24File/0087809.pdf (dostęp:1.07.2023)

[vii] Joint  Statement  for  the  creation  of  the  3SI  Network  of  Chambers  of  Commerce,  http://three-seas.eu/joint-statement-for-the-creation-of-the-network-of-the-chambers-of-commerce-of-the-three-seas-initiative/ (dostęp:  1.07.2023).

[viii] The Three Seas Initiative – Priority Interconnection Projects, http://three-seas.eu/wp-content/uploads/2018/09/LIST-OF-PRIORITY-INTERCONNECTION-PROJECTS-2018.pdf (dostęp: 1 .07.2023).

[ix] The parties are: “The Presidents and their high representatives of the twelve member states of the Three Seas Initiative (3SI) – the Republic of Austria, the Republic of Bulgaria, the Republic of Croatia, the Czech Republic, the Republic of Estonia, Hungary, the Republic of Latvia, the Republic of Lithuania, the Republic of Poland, Romania, the Republic of Slovak Republic, Republic of Slovenia”, Joint Declaration of the 3rd Summit of the Three Seas Initiative, Bucharest, September 17-18, 2018, https://trojmorze.isppan.waw.pl/inicjatywa-trojmorza/deklaracje-szczytow-inicjatywy-trojmorza/wspolna-deklaracja-iii-szczytu-inicjatywy-trojmorza-bukareszt-17-18-wrze-snia-2018/(dostęp: 1.07.2023).

[x] Ibidem.

[xi] Ibidem.

[xii] Ibidem.

[xiii] From the statement of the Vice-President of the Management Board of BGK, Paweł Nierada, in an interview with the author. The interview was conducted on April 26, 2022, after authorization it was sent for publication on July 13, 2022, it is published on the website: https://trojmorze.isppan.waw.pl/aktualnosci/czym-jest-fundusz-inwestycyjny-inicjatywy-trojmorza-jaka-jest-jego-gene-za-i-rola-z-pawlem-nierada-pierwszym-wiceprezesem-banku-gospodarstwa-krajowego-roz-mawia-prof-agnieszka-orzelska-staczek/ (access: 1.07.2023).

[xiv] Ibidem.

[xv] Ibidem.

[xvi] J. Wilczek, A. Rudowski, Fundusz Trójmorza. W stronę instytucjonalizacji inicjatywy?, s. 15.

[xvii] A.  Wróbel,  Polityka handlowa w świetle założeń realizmu, w: J. Czaputowicz, E. Haliżak  (red.),  Teoria  realizmu  w  nauce  o  stosunkach  międzynarodowych,  PTSM  i  Rambler,  Warszawa 2014, p. 149.

[xviii] Joint declaration from the 4th Summit of the Three Seas Initiative (Ljubljana, June 5–6, 2019), https://trojmorze.isppan.waw.pl/inicjatywa-trojmorza/deklaracje-szczytow-inicjatywy-trojmorza/wspolna-deklaracja-iv-szczytu-inicjatywy-trojmorza-lublana-5-6-czerwca-2019/ (access: 1.07.2023).

[xix] J. Wilczek, A. Rudowski, Fundusz Trójmorza. W stronę instytucjonalizacji inicjatywy?

[xx]  Detailed list: https://3siif.eu//core-sponsors.

[xxi] E.g. Fund Management Board: “SUPERVISORY  BOARD:  Beata  Daszyńska-Muzyczka  (Poland)  –  Chairperson  of  the  Supervisory  Board,  Nicolae  Albu  (Romania)  –  Member  of  the  Supervisory  Board,  Reinis  Bērziņš  (Latvia)  –  Member  of  the  Supervisory  Board  (…)”,  https://3siif.eu//fund-structure (access: 1.07.2023).

[xxii] Joint declaration of the 5th summit of the Three Seas Initiative (Tallinn,  19–20  października 2020), https://trojmorze.isppan.waw.pl/inicjatywa-trojmorza/deklaracje-szczytow-inicjatywy-trojmorza/wspolna-deklaracja-v-szczytu-inicjatywy-trojmorza-tallinn-19-20-pazdziernika-2020/ (access: 1.07. 2023).

[xxiii]  https://www.atlanticcouncil.org/news/press-releases/us-commits-1-billion-dollars-to-develop-central-european-infrastructure/.

[xxiv]  https://trojmorze.isppan.waw.pl/aktualnosci/czym-jest-fundusz-inwestycyjny-inicjatywy-trojmorza-jaka-jest-jego-geneza-i-rola-z-pawlem-nierada-pierwszym-wiceprezesem-banku-gospodarstwa-krajowego-rozmawia-prof-agnieszka-orzelska-staczek (access: 1.07.2023).

[xxv] Joint declaration of the 6th Summit of the Three Seas Initiative (Sofia, July 8–9, 2021), https://trojmorze.isppan.waw.pl/inicjatywa-trojmorza/deklaracje-szczytow-inicjatywy-trojmorza/wspolna-deklaracja-vi-szczytu-inicjatywy-trojmorza-sofi a-8-9-lipca-2021/ (access: 1.07.2023).

[xxvi] Ibidem.

[xxvii] Joint declaration of the Seventh Summit of the Three Seas Initiative (Riga, June 20-21, 2022), https://trojmorze.isppan.waw.pl/wspolna-deklaracja-siodmego-szczytu-inicjatywy-trojmorza-ryga-20-21-czerwca-2022-r/ (access: 1.07.2023).

[xxviii] Nowy inwestor i inwestycja w Funduszu Trójmorza, BGK, 22.06.2022, https://www.bgk.pl/aktualnosc/nowy-inwestor-i-inwestycja-w-fundusz-trojmorza/ (access: 1. 07.2023).

[xxix] J. Wilczek, A. Rudowski, Fundusz Trójmorza. W stronę instytucjonalizacji inicjatywy?, p. 223.

[xxx]  One of its first points defines the fund as follows: „There hereby exists an investment company with variable capital – reserved alternative investment fund (société d’investissement capital variable – fonds d’investissement alternatif réservé), in the form of a public limited liability company (société anonyme) under the name of «Three Seas Initiative Investment Fund S.A. SICAV-RAIF» (the Company)”. SICAV-RAIF – Société d’Investissement à Capital Variable – Reserved Alternative Investment Fund.

[xxxi] „R.  Power  is  a  leading  independent  power  producer  (‘IPP’)  active  in  solar  PV  and  battery  storage.  The  company  is  headquartered  in  Warsaw  and  has  operations  across  Poland, Romania, Germany, Italy, Spain and Portugal. (…) R. Power will continue investing in Quanta Energy (R. Power’s commercial and industrial solar PV business line) and Nomad Electric (R. Power’s EPC, operations and maintenance business line). R. Power is majority shareholder of both Quanta Energy and Nomad Electric”. – informacje z ofi cjalnej  strony Funduszu:  https://3siif.eu/news/r-power-raises-e150-million-investment-and-welcomes-the-three-seas-initiative-investment-fund-as-a-new-investor (access: 1.07.2023).