Romania plans government venturing arm

The Sovereign Development and Investment Fund will be wholly-owned by Romania’s government and co-invest alongside actors such as EIB, EBRD and the World Bank.

The government of Romania has signed a memorandum of understanding to establish an investment arm called Sovereign Development and Investment Fund, ACTMedia reported on Friday.

The fund was announced by Alexandru Petrescu, economy minister of Romania, and will act as a co-investor to other entities such as European Bank for Reconstruction and Development, European Investment Bank, the World Bank, investment funds and private individuals.

The functioning and structure of the fund will be detailed in a separate act that is yet to be formalised.

Romania hopes the fund will provide a boost to the domestic venture capital market, grow liquidities on the Bucharest Stock Exchange and increase EU funding into the country.

Petrescu said: "Today, we have adopted a memorandum, according to the 2017-2020 governance program, taking into account the founding of new public investments, the establishment of the Sovereign Development and Investment Fund being an economy stimulation measure, an investment funding instrument in competitive, profitable and sustainable sectors, with a multiplication effect in economy, going to attract capital and financial market sources.”

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. Big deal: British Business Bank launches $500m fund

    February 27, 2017

  2. Scohia Pharma to spin out of Takeda with $87m

    March 15, 2017

  3. Big deal: Airbnb takes series F booking from CIC

    March 13, 2017

  4. News round up 27 February 2017

    February 27, 2017

  5. Wills takes charge of Energy Technologies Institute

    March 07, 2017

Events

  • 23 May - 24 May, 2017

    GCV Symposium 2017 - London

    Join 400+ business leaders from the corporate venturing and wider high growth business ecosystem for the two-day 2017 GCV Symposium.

  • More Events