Videanu’s fund to produce economic effects in nine months

Fondul Roman de Investitii (Romanian Investment Fund - FRI), a project devised by the Economy Ministry run by Adriean Videanu, one of the most powerful people of the moment, will be set up only with the money the state will collect from selling minority stakes in several companies in the energy field such as Petrom, Transelectrica and Transgaz, without taking any money from CEC or NBR.

Videanu did not reveal a specific amount he expected to be collected from the sale of such stakes but says he wants to raise as much as possible and that in nine months' time, that is in 2011, the stakes could be sold.

The money therefrom collected will be invested in infrastructure and energy projects.

"The Government approved the sale of minority stakes of the minority interests we had or of minority stakes of the majority interests we hold in several companies. The idea to build an investment fund through CEC's contribution in cash initially financed by NBR's foreign currency reserve did not originate from us and it is just nonsense spread in certain circles. The Economy Ministry is devising an investment fund with minority stakes," Videanu said.