Romania’s Sovereign Investment Fund to take shape by September

Romania’s new Government discussed on Friday, for the first time, the project of the Sovereign Investment Fund, and will launch it into public debate in the following period. The project should be finalized and sent to the Parliament for approval by September, reports local News.ro. The Sovereign Investment Fund is an important component of the Social Democratic Party’s governing program. „This fund is an instrument for stimulating the economy. It will help raise local and international financing for profitable investment projects that will help develop the economy and increase budget revenues,” said the new economy minister Mihai Fifor. He added that international financial institutions have also embraced the Romanian Government’s idea of creating this fund. The fund will take over the state’s stakes in local companies. It will use the dividends from these companies and raise new capital via bond issues to finance new investments. The fund will be managed by an executive board whose activity will be monitored by a Supervising Board. editor@romania-insider.com