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October 26, 2020

Minister Petrescu, WB’s Capanelli discuss corporate governance, sovereign fund

Improving Romania’s legislation for corporate governance, establishing and operating a Development and Investment Sovereign Fund and revitalising some of the country’s sectors with high growth potentials were the main topics of a conversation in Bucharest on Friday between Romania’s Economy Minister Alexandru Petrescu and World Bank’s County Manager for Romania and Bulgaria Elisabetta Capannelli.

‘I am determined and I want to implement all that I have acquired by way of experience in the management and development of highly performing economic projects. I will very carefully deal with the coordination of the Development and Investment Sovereign Fund and I want to assure all the project partners of full support, transparency and involvement of the ministry I am running. In my capacity as the economy minister, I can guarantee that we have strong companies in the fund’s portfolio that are conducting wide-ranging national and international projects in which the World Bank can successfully get involved for their development,’ Petrescu is quoted as saying in a press statement released by the Economy Ministry.

Capannelli is quoted as commending the Romanian economy minister for his intentions to improve and advance the strategy in Romania’s Corporate Governance Ordinance 109/2011.

At the same time the visiting World Bank officials voiced their full support and readiness for cooperation in designing the Development and Investment Sovereign Fund, which is sought to set the priorities for investment and revitalise key sectors of the Romanian economy.

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