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Prime Minister Viorica Dancila on Thursday announced they are going to discuss an emergency ordinance draft regarding the legal framework needed for the setting up of a sovereign development and investment fund at the government meeting on Thursday.
"We are discussing on Thursday an emergency ordinance draft meant to provide the general terms and conditions that a company set up under the Company Law no. 31/1990 needs to meet in order to be considered a sovereign development and investment fund. We need this financial instrument to support Romania's economic development. A development model like this has been successfully implemented in other countries, with benefits on many levels, through profitable investments and backing of projects in priority fields," stated Dancila, in the opening of the Government meeting.
The head of the Executive added that the setting up of the sovereign investment and development funds takes into consideration "the creation of a financial investment instrument or financial intermediation instrument or participations, in profitable projects or companies, which is a segment still uncovered on the Romanian financial market, so as to, one the one hand, have the role of a multiplier in economy for a sustainable development and, on the other hand, to attract, mobilize the available financial resources in the real sector and, at the same time, to develop reasonable projects."
"This fund will support, through its activity such fields and development activities as: financing of Romanian companies of a strategic importance, investments in industry, investments in infrastructure, it will contribute to an increase in competitiveness of the Romanian economy, to the development of the energy strategy, capital markets. These are large projects that we can develop together with other institutional or private developers, including through the participation in public-private partnerships, as we committed ourselves to do under the governing programme," said Dancila.
According to the PM, the adoption of this GEO will provide a general framework and, then, a Government decision will follow to decide on the "actual terms and conditions for the organisation and functioning of the development and investments fund to be set up based on share companies under Law no. 31 /1990."
