For the moment, the Government does not announce any date for the establishment of the Sovereign Development and Investment Fund (FSDI), promised in the electoral campaign and officially announced at the beginning of February, explaining, in an answer sent to a PSD deputy, that it will follow “the guidelines of the government program 2017-2020”. The Economy Minister Mircea Draghici stated that the project will start to be subject of debate on May 15.
In mid-April, PSD MP Mircea Draghici, the party’s treasurer, sent an interpellation to the Economy Ministry, asking details on the FSDI measure and on the extent in which funds will be distributed also to objectives in Arges County.
The Economy Ministry answered in May, making a review of the objectives of this Fund and of the implementation stage, repeating the arguments used by Mircea Draghici himself in the interpellation.
The deputy mentioned the necessity of this Fund, which according to the government program “will be designed to contribute to the statute of emerging market by stimulating liquidities on the Bucharest Stock Exchange and by increasing the absorption level of the non-reimbursable EU funds”.
The Economy Ministry answered to the deputy that FSDI “will contribute both in Romania’s efforts to obtain the statute of emerging market for the local capital market by increasing the liquidity on the Bucharest Stock Exchange, and in increasing the absorption level of the non-reimbursable EU funds”.
In the end, the Economy Ministry referred also to the establishment timetable, providing a vague answer, in which it refers to the priorities of the government program and resumes the description of the FSDI, although this issue was not subject to the PSD MP’s interpellation.
“As for the estimated timetable for establishing FSDI, it will follow the guidelines of the Government Program for the period 2017-202 and it represents a managing approach of the Government, oriented to the increase of the performance and the efficient use of the assets owned by the state, being a centralization of the professional abilities, a tool for the capitalization of the state-owned companies, as well as of financing country projects, bringing a multiplication effect in the economy, by attracting capital from various public and private sources. FSDI will be a reliable partner both for the institutional investors, such as EBRD, EIB, World Bank, and for investment funds or other private investors”, reads the answer.
The document does not refer to the objectives in the Arges County, on which the interpellation of the MP Mircea Draghici was made.
In an interview for News.ro, EcoMin Mihai Tudose stated that the project will start to be subject of public debate on May 15, and its initial capitalization will be around RON 1.8-1.9 billion. However, the project is not available on the Ministry’s website today.
PSD’s Liviu Dragnea stated on February 15 that the Sovereign Development and Investment Fund proposed by the Government caused “a huge interest” in the international financial environments, from USA to Norway, and it will contribute to “restoring Romania’s industry”.
On February 9, the Government formalized the establishment of an inter-ministerial committee consisting of representatives of the Economy ministry, Finance Ministry, Competition Council and Financial Supervision Authority (ASF) in order to establish the Fund, and at that time, it announced that the project will be finalized within 2 months.