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26 martie, 2024

20 februarie, 2017

Alexandru Petrescu, Minister of Economy

The World Bank is interested in the announcement that Romania plans to establish a Sovereign Fund for Development and Investment and the bank representatives stated that they will support and collaborate with Romanian authorities for structuring the fund.

Elisabetta Capannelli, World Bank Country Manager for Romania and Hungary, and other officials met on Friday with the Minister of Economy, Alexandru Petrescu and offered „full support and availability to cooperate for structuring” the Sovereign Fund.


According to the WB officials, this initiative is likely to set the prioritization of investments and revitalization of key sectors of the Romanian economy.

Friday’s meeting between the WB with the Ministry of Economy officials was an opportunity, as the minister said, to get „a picture of the economic situation in Romania and a better understanding of how the priorities of the Ministry of Economy are positioned within the timetable set for the implementation of the measures from the Government Programme for 2017 -2020”. Discussions focused on „improving the legislation on corporate governance, establishing and developing the Sovereign Development and Investment Fund, reviving certain economic sectors with high growth potential.”

I am determined and want to use the entire experience gained in business management for developing economically efficient projects. I will take responsibility and utmost care to coordinate the Sovereign Development and Investment Fund and assure all our partners in this project of the full support, transparency, and involvement from the Ministry that I lead. In my capacity as Minister of Economy, I guarantee you that we have strong companies in our portfolio, with large-scale national and international projects, in which the World Bank can successfully involve for their development,” ensured the Minister of Economy Alexandru Petrescu.

The initiative of establishing the Sovereign Investment Fund is part of the PSD government program. PNL also had the idea of a Romanian Urban-Rural Development Fund (FRDUR) in their own government program presented during the election campaign, aimed at „strategic investments and covering financing gaps in critical areas.”

Details from memorandum endorsed by Government


To obtain financing, the Sovereign Fund for Development and Investment (FSDI) planned by the Government will sell shares in the state companies received in its portfolio, provided that it will preserve the majority stake, according to the memorandum approved on Thursday by the Government for initiating the procedures for establishing the fund.

FSDI will issue bonds to finance its activity and the amounts borrowed this way will be paid with the „cash obtained from the investment activities they generate”, mentions the document

The memorandum states that the sources of financing for the Sovereign Fund for Development and Investment (FSDI) planned by the Government will be:

  • financial instruments such as debt securities,
  • dividends paid by the companies from its portfolio,
  • revenues from fixed income securities,
  • revenues from selling shares in companies where FSDI has holdings
  • revenues from privatization.

The Government is expected to approve an emergency ordinance for establishing the FSDI in April, which will also establish the shareholdings in the state companies included in the Fund’s portfolio.

The actual establishment of the FSDI will take place after approving the articles of incorporation of the Fund, by a government decision, sometime in mid-July, according to the timetable set in the memorandum.

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