August 30, 2017 / 8:01 PM / a year ago

Romania gears up to create sovereign wealth fund

BUCHAREST, Aug 30 (Reuters) - Romania’s government aims to send parliament a bill by end-September to set up a sovereign wealth fund, pending approval from the European Commission and its statistics unit Eurostat, the finance ministry said on Wednesday.

The fund, a policy aim of the ruling Social Democrats, would hold a mix of cash and equity in some of the state’s most profitable companies to generate income to help finance projects including roads and hospitals.

The portfolio would include controlling or minority stakes in 27 companies in the transport, pharmaceutical and energy sectors and cash of 1.85 billion lei ($480 million), a draft published on Wednesday showed. (Reporting by Luiza Ilie; Editing by Robin Pomeroy)

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