A note of tacit acceptance of the bill, whose deadline for discussion and voting expired on November 26, was presented to the plenary session by Senate President Mircea Abrudyan, who chaired the session.
“Fondului Moldova” is being set up as an alternative investment fund with public and private capital, organized as a joint stock company with variable share capital and headquartered in Romania.
“The main objective of Fondului Moldova is to mobilize and manage financial resources from public and private capital for strategic direct and indirect investments in assets and projects located on the territory of the Republic of Moldova, with priority in the sectors of infrastructure, energy, transport, digitalization, health, education, agriculture and industry, in order to gradually integrate the Republic of Moldova into the economic and financial space of Romania and the European c
“Fondul Moldova” has the status of a subject of strategic public interest, its creation and activity are conditioned by the prior authorization for creation from the Financial Supervisory Authority, in accordance with the provisions applicable to closed-end alternative investment funds.
According to the draft, “the initial authorized capital of the Moldova Fund amounts to 1 billion Romanian lei (4.85 billion MDL), divided into 25 million registered shares with a nominal value of 50 RON (194 MDL) each. The equivalent value of the share capital is approximately EUR 250 million, calculated at the exchange rate set by the National Bank of Romania on the date of adoption of this law. The initial authorized capital shall be fully subscribed by the Romanian State through the Ministry of Finance from funds allocated separately by the annual budget law.”
“After receiving authorization to operate, the Fund shall conduct an initial public offering aimed at issuing 25 million new shares for subscription by institutional and individual investors, both Romanian and foreign. The Fund may increase its capital annually by issuing up to 10 million additional shares intended for its capitalization, subject to the approval of the extraordinary general meeting of shareholders and in compliance with the pre-emptive right provided for by law,” the draft also says.
The priority areas of planned investments are transport and communication infrastructure in the energy sector, including cross-border projects and interconnections; energy sector with renewable energy activities, health and education infrastructure; digitalization, research, innovation and technological development; agriculture, manufacturing, logistics and integrated value chains; urban and regional development, social housing and urban regeneration.
“This initiative is not only an economic project, but also an investment in the common future of the two Romanian states,” the explanatory note to the project reads.
The idea of this fund was put forward this summer by Petrisor Peiu, a senator from the Romanian party AUR, who announced that the political formation intends to submit to the Romanian parliament a bill on the creation of a “Moldova Fund” – a structure that should replace Romania’s current financial aid to Moldova with an investment mechanism.
“Moldova’s economy will have a significant, permanent and reliable source of investments. These investments will be associated not only with the Romanian state or individual companies, but with Romania as a whole. This will create a strong emotional bond between the two countries, and their economies will start working synergistically. A substantial part of the European funds will be directed towards strengthening the economic integration between the two Romanian states,” Peiu explained at the time.
The legislative proposal will be examined by the Chamber of Deputies, which decides in this case.
