Fundusz Inwestycyjny Inicjatywy Trójmorza: geneza i etapy rozwoju
The Three Seas Initiative Investment Fund: Origins and Stages of Development

Summary/Abstract: The article aims to examine what the Three Seas Initiative Investment Fund is, how it was created and developed, and what are its connections with the Three Seas Initiative. Three stages of the Fund’s development have been distinguished: 2017–2018: the period from the emergence of the concept to the signing of the letter of intent to establish the fund; 2018–2020: fi ne- -tuning the legal and fi nancial framework; from 2020, in which the fund, as a new investment entity, began its commercial operations. In each of the three indicated stages, the relationship between the fund and the Three Seas Initiative developed differently. In the fi rst and second stages, the fund was a concept whose implementation depended on the state of cooperation under the Three Seas Initiative. It was treated as a potential subsidy instrument, but over time this concept has changed. In the third stage, the fund became an independent legal entity, registered under Luxembourg law, with its statute, authorities and seat. While the Three Seas Initiative remains a loose form of cooperation, the fund is a clearly defi ned legal entity. It is intended to increase investment in Central Europe and generate profi ts for investors on a commercial basis. The Three Seas Fund is a different entity from the perspective of investors in the legal and fi nancial dimension than for researchers of international relations. The Fund’s activity in the investment fi eld affects cooperation under the Three Seas Initiative.

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