Romania plans government venturing arm
Posted on 14 February, 2017 by Thierry Heles, editor
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.”
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