The Senate tacitly passed, on Tuesday, the legislative proposal for the establishment of the "Moldova Fund", an alternative investment fund with public and private capital, organized as a joint-stock company, with variable share capital, headquartered in Romania.
The note of tacit adoption of the legislative proposal, for which the debate and vote deadline expired on November 26, was presented in the plenary session by the Senate Speaker Mircea Abrudean, who chaired the meeting.
"The Moldova Fund's main purpose is to mobilize and manage financial resources, from public and private capital, in order to make strategic, direct and indirect investments in assets and projects located on the territory of the Republic of Moldova, with priority in the infrastructure, energy, transport, digitalization, health, education, agriculture and industry sectors, pursuing the progressive economic integration of the Republic of Moldova into the economic and financial space of Romania and the European Union," states the legislative proposal initiated by a group of AUR parliamentarians.
"Moldova Fund" has the status of an entity of strategic public interest, its establishment and operation being conditioned by obtaining prior authorization for establishment from the Financial Supervisory Authority, in accordance with the provisions applicable to closed-end alternative investment funds.
According to the draft, "the initial share capital of the Moldova Fund is 1,250,000,000 lei, divided into 25,000,000 registered shares, each with a nominal value of 50 lei. The equivalent value of the share capital is approximately 250,000,000 euros, calculated at the exchange rate communicated by the National Bank of Romania on the date of adoption of this law. The initial share capital is fully subscribed by the Romanian state, through the Ministry of Finance, from amounts allocated separately by the annual budget law".
"After obtaining the operating authorization, the Fund shall conduct an initial public offering aimed at issuing 25,000,000 new shares, intended for subscription by institutional and individual investors, Romanian or foreign. The Fund may annually increase its capital by issuing up to 10,000,000 additional shares, intended for its capitalization, subject to approval by the extraordinary general meeting of shareholders and in compliance with the preemptive right provided for by law," the draft also states.
The priority areas for planned investments are energy transport and communications infrastructure, including cross-border projects and interconnections; the energy sector with renewable energy actions, health and education infrastructure; digitalization, research, innovation and technological development; agriculture, manufacturing, logistics and integrated value chains; urban and regional development, social housing and urban regeneration.
"This initiative is not only an economic project, but also an investment in the common future of the two Romanian states," the project's explanatory memorandum states.
The legislative proposal is to be debated by the Chamber of Deputies, the decision-making body in this case.
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