Details emerge about government plans on funding major investment projects

A fund considered by the Romanian government to fund major investment projects would be formed of minority shares the state holds in various companies but also of a cash contribution of the Romanian savings house CEC Bank and, most probably, of money previously obtained from privatisations, according to Romanian news agency Mediafax. CEC Bank officials, however, say it’s only an intention yet to see a conclusion, while CEC Bank head Radu Ghetea told HotNews.ro that he was not involved in talks on the issue.

The new state-controlled investment tool would be named the Romanian Fund for Investment and would take over state-controlled stakes in various companies within two months since its establishment, according to a bill on the establishment and operation of the Fund.

The draft legislation is a working document now discussed at government level and sent for consultation to involved ministries. The final version would be shared with the European Commission.

The idea of such a fund first emerged in 2009 when it was circulated by representatives of the Authority for States Assets Recovery and was promoted by Social Democratic candidate Mircea Geoana in the presidential election campaign.