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FinMin Bolos: Through BID we create robust financial framework for innovative, sustainable projects
The Investment and Development Bank will act as a catalyst for economic development and support key sectors, opening new opportunities for entrepreneurs, investors and local communities, according to the Minister of Finance, Marcel Bolos, told Agerpres.
The constitutive act of the Investment and Development Bank - S.A. (BID) was approved in Thursday's meeting of the Government.
"Ever since the hearings for taking over the portfolio of Minister of Finance, I have said that an important objective of the mandate will be to make the Investment and Development Bank operational, with the clear vision of performing as a central development institution that serves Romanian enterprises and other entities from public and private sectors. Through it, we will create a robust financial framework for innovative and sustainable projects that will help modernize infrastructure and stimulate economic growth. This institution will act as a catalyst for economic development and support key sectors, opening new opportunities for entrepreneurs, investors and local communities," said Minister Marcel Bolos, according to a press release from the Ministry of Finance.
The strategic objectives of the BID are: facilitating access to financing for small and medium-sized enterprises; ensuring access to financing for viable infrastructure projects and attracting private capital in investments; supporting the process of accessing and using European funds and the associated multiplier effect; providing technical assistance.
BID is established as a closed joint-stock company, credit institution, legal entity under private law, owned during the entire period of operation by the Romanian state, through the Ministry of Finance, as the sole shareholder, under the supervision of the National Bank of Romania (BNR), in compliance the provisions of Regulation no. 4/2023 issued by the BNR, which regulates the requirements regarding the assessment of the suitability of the members of the management body and of the persons who hold key positions within the development bank.
The invested capital is 3 billion RON, of which the paid-in capital at the registration of the bank at the Trade Register is 119 million RON, the difference to be paid in 2 installments until the end of 2024.
The general mission of the BID is to support economic and social development, economic competitiveness, innovation and sustainable economic growth, in order to remedy the dysfunctions on the financial market, based on an independent ex-ante analysis.
The object of the bank's activity, the types of activities carried out both in its own name and in the name and account of the state, the target beneficiaries are those already foreseen by the applicable legal framework in force. BID benefits from the state guarantee for the execution of the principal related to the payment obligations assumed in the name and on its own account by the bank, as well as for the execution of all the guarantee obligations assumed by it, in case those obligations do not benefit from any other guarantee.
The governing body is the general meeting of shareholders, the bank being administered in a dual system by a Supervisory Board made up of 7 members appointed by the general meeting of shareholders for a maximum term of 4 years with the possibility of being re-elected, and by a Directorate made up of 3 members, appointed by the Supervisory Board for a 4-year term, also with the possibility of renewal.
The first members of the bank's statutory bodies were selected following a selection procedure, respecting the principles of non-discrimination, equal treatment and transparency, as well as in accordance with the methodology provided for in GD no. 1204/2022 and the provisions of Law no. 207/2022 and the regulations issued by the National Bank of Romania, ensuring at the same time a diversification of competences at the level of the statutory bodies of the Bank. The mandate of the first members is 2 years and cannot be renewed.
The composition of the first BID Supervisory Board is as follows: president Nanu Stefan and members: Ciobanasu George-Romeo, Badea Dorin-Alexandru, Tanase Ioana, Marinel Gheorghe, Popescu Mioara, Iliescu Daniela-Elena.
The composition of the directorate will be: president Sandu Danut-Leonard and members Nicolescu Raluca-Ana-Maria and Kubinschi Florian-Raimund.
The first financial auditor of the bank, selected through the selection procedure carried out by the Ministry of Finance, as the sole shareholder, is Pricewaterhousecoopers Audit SRL.
