Romania’s Sovereign Fund for Development and Investments to be created two weeks after Constitutional Court issues motivation

After Romania’s Constitutional Court (CCR) declared the Sovereign Fund for Development and Investments (FSDI) law unconstitutional, Darius Valcov, advisor of PM Viorica Dancila, told a broadcaster that the FSDI could be set up in two weeks after the motivation of the CCR is issued.

“I think that in two weeks from the motivation is presented, the fund will be there, ” Valcov stated.

Finance Minister Eugen Teodorovici also stated that the FSDI would be set up by a government decree after the Constitutional Court announced it was not possible to do so by means of a law.

“Following the decision of the Constitutional Court, the next steps are at government level – issuing an ordinance to create the general legal framework that the Court deemed necessary, and the next step would be to issue a government decision to establish the Fund,” Teodorovici explained.

On July 18, the Constitutional Court of Romania accepted the statements made by President Klaus Iohannis, the National Liberal Party (PNL), Save Romanian Union (USR) and People Movement’s Party (PMP) to the law on the establishment of the FSDI and declare it unconstitutional.

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On June 7, the Romanian Parliament adopted the project to set up the FSDI, which will include 33 state-owned companies. Its shareholder will be the Romanian state and the share capital will amount to RON 9 billion.