June 20, 2022
(Washington, DC) – US Senators Jeanne Shaheen (D-NH), Chuck Grassley (R-IA), Chris Coons (D-DE), Rob Portman (R-OH) and Chris Murphy (D-CT) released the following bipartisan statement in response to the announcement of United States support for the Three Seas Initiative through the American Development Finance Corporation at the Three Seas Summit in Riga, Latvia.
The Three Seas Initiative aims to improve connectivity between twelve European countries located between the Baltic, the Adriatic and the Black Sea. The Three Seas Investment Fund supports infrastructure development in the energy, transport and digital sectors. The US Development Finance Corporation will support the fund with a loan of up to $300 million focused on energy projects.
“Energy independence is one of the most pressing challenges facing Europe amid Putin’s unprovoked and illegal war on Ukraine. The Three Seas Initiative illustrates the importance of investing in essential regional cooperation to diversify energy sources, making Europe stronger, better connected and more resilient. said the senators. “We welcome U.S. support for this initiative, which will allow our allies and partners to further develop reliable energy sources and reduce their vulnerability to Putin’s manipulation and destabilization. And we support the initiative undertaken by the members of the Three Seas Initiative to work together to identify and respond to their common challenges.