Funds from BCR sale will be used to finance large infrastructure projects

13. Oktober 2006, 00:00

The BCR privatization proceeds will go to a National Development Fund and they will be used to finance large...

The BCR privatization proceeds will go to a National Development Fund and they will be used to finance large infrastructure projects, Romanian Prime Minister Calin Popescu – Tariceanu has stated after a meeting with a delegation of the EBRD Board of Directors.

“The proceeds will not go to consumption, but we will make efforts to manage in the best way possible this money, to be able to account to the Romanian tax payer for it and the way it was spent. It is our duty and responsibility to use this money in the best way possible and to the benefit of our country”, the Prime Minister has stated.

The transparency of the privatization process will characterize the proceeds’ management too, Prime Minister Calin Popescu – Tariceanu has stated. “I want the Minister of Finance to come every year before the public opinion and to present a report as regards the way this money was spent, as well as the projects and the related sums of money, in other words, to submit a report before the General Assembly of Shareholders, who are the Romanian tax payers this time”, he said.

The Minister of Finances, Sebastian Vladescu has stated that the privatizations’ proceeds will be used for clear purposes that will be made public.” Currently, we are in the stage, in which we will promote the draft normative act for the national development fund, and this money will be used through Government Decisions”. “There will be some very clear labels so that the Romanian citizen knows that in exchange of the participation quota in the largest bank of Romania, we have a number of kilometers of highways, a number of schools and hospitals”.

Prime Minister Tariceanu has expressed his conviction that the quality of the services provided by BCR will boost, due to ERSTE Bank experience and tradition. Prime Minister has expressed his wish that the bank involves in supporting the private sector, the small and medium seized enterprises, and also the local and regional projects.

“I would be very delighted if the bank pays attention to projects of local and regional interest, which would help Romania bridge as soon as possible the gaps separating it from the other EU states, and would help the Romanian economy to achieve performance the way it had over the past two years, an economic growth performance. Because, in the end, there would be beneficial for both parties and I am convinced the bank will obtain benefits too”, Tariceanu said.

Referring to the finalisation of BCR privatization transaction, Manfred Wimmer, Head of the Strategy Group of Erste Bank told that it is a benchmark transaction. “It is a benchmark of transparency in the tender process and to a certain extent it is also a benchmark of transparency in regularity in the completion process”, Wimmer has stated. “As of tomorrow, we will start working together with our colleagues from BCR, hopefully for the benefit of the Romanian economy, and our broad Romanian retail customer base”.

Manfred Wimmer has emphasized that the transaction concluded today for BCR is the largest ever done by its institution. “It is in fact the biggest acquisition which an Austrian company ever undertook abroad. I think it is also a good date for Romania, it is the largest foreign direct investment which has come into this country so far.”

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