Government to establish Sovereign Development and Investment Fund

Government to establish Sovereign Development and Investment Fund.The Government decided on Thursday to adopt a memorandum on establishing the Sovereign Development and Investment Fund (FSDI), the Economy Minister Alexandru Petrescu announced.

“Today, we have adopted a memorandum, according to the 2017-2020 governance programme, taking into account the founding of new public investments, the establishment of the Sovereign Development and Investment Fund being an economy stimulation measure, an investment funding instrument in competitive, profitable and sustainable sectors, with a multiplication effect in economy, going to attract capital and financial market sources,” Alexandru Petrescu stated, in a briefing at the Victoria Palace.

According to the Economy Minister, the FSDI will represent “a partner” for international investors, such as the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the World Bank (WB), investment funds and other private investors.

“Through this document we only mark the initiative and the demarche of this process. We further formalized the founding of some inter-ministerial committees, with representatives of the Economy Ministry, the Finance Ministry, the Competition Council, the Financial Supervisory Authority (ASF). (…) This is the day we formalize the demarche, starting tomorrow these committees will gather formally, (…) issuing points of view,” Alexandru Petrescu stated.

According to Petrescu, discussions were also carried out with the main players of the national, regional investment arena, so that the fund launching process be “accompanied” by “their general opinion and consent.”

Furthermore, the Economy Minister mentioned that a normative act is to be adopted regarding the actual functioning of this fund.

“The next step will be another normative act, with the constitutive act in the center, where we will have the exact functioning and structure mechanism of the fund,” Petrescu also stated.

The FDSI will contribute both to Romania’s efforts to gain the statute of an emergent market for the domestic capital market, by growing liquidities on the Bucharest Stock Exchange (BVB), as well as to the growth of the absorption level of non-refundable European funds by ensuring the co-funding financial sources of the investment projects, the Government release points out.

According to the quoted source, the Romanian state, through the Economy Ministry, will be the sole shareholder throughout the functioning period of the FSDI.

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