Romanian MPs from the Social Democratic Party (PSD) and the Alliance of Liberals and Democrats (ALDE) submitted to the Parliament on Friday the draft laws on setting up the Sovereign Development and Investment Fund (FSDI) and the Development Bank of Romania, reports Ziarul Financiar.

These two entities are needed for "economic stimulation" and " entrepreneurship development”. The draft projects should be debated in the emergency procedure, according to the MPs.

The Romanian state will fully own the Sovereign Development and Investment Fund, according to the bill. FSDI will be managed in a dual system by a supervisory board and a directorate. The Board of Supervisors will consist of 9 members, appointed on the basis of several criteria, including financial-banking expertise, experience in corporate governance, professional integrity, good reputation. The Parliament will approve the “transparent selection procedure”.

Romania’s Development Fund will support the country’s “entrepreneurship and socio-economic development by promoting investment and funding”, “by providing financial and advisory services and by issuing securities and raising funds or capital to support these services”, according to the bill.

Setting up this fund was one of the promises that PSD leader Liviu Dragnea made during last year’s election campaign. The fund should manage the state’s most valuable companies.

editor@romania-insider.com