The draft law on Romania’s Sovereign Investment Fund will be sent to the Parliament in September, after a last political discussion within the Social Democratic Party (PSD), said yesterday prime minister Mihai Tudose.

The Government approved the draft project on setting up the fund in July. The Finance Ministry will manage this fund.

“It’s a financial instrument after all,” said Tudose.

The Finance Ministry has taken the steps to get the project approval from EU institutions. The deadline is around 60 days, according to the prime minister.

In May, Tudose, who was then economy minister, said that the fund would have an initial capitalization of around RON 1.8-1.9 billion (EUR 397-419 million). It will include 25 to 30 state-owned profit-making companies, which are subordinated to the Ministries of Energy, Transport, Economy and Health. All the companies in the fund's portfolio will be listed on the stock exchange.

The sovereign fund is the special project of PSD leader Liviu Dragnea and has been included in the governing program.

editor@romania-insider.com