12.11.2020 | US signals support for European infrastructure overhaul

In the dying days of the Trump presidency, the US pledges funds for efforts to close huge development gap between western and eastern European countries.

Click here to read the Alaco article in International Investment.

The US may be emerging as a significant backer of a major infrastructure investment project covering central and eastern Europe, which it hopes will help to constrain Russian and Chinese economic influence in the region.

Shortly before the US presidential election, the Trump administration reiterated a pledge to invest up to $1bn in the Three Seas Initiative (3SI), comprising Austria and 11 former communist states that have joined the European Union since 2004. Washington also committed its first tranche of funding, $300m, pushing the capital base of the 3SI Investment Fund to over $1.3bn. Earlier, the House Committee on Foreign Affairs voted to pass out of committee a bipartisan resolution backing the initiative.