Greece to set up its first sovereign wealth fund, reform posting, bus services

CrediaBank SA

18/06/2024 16:22

ATHENS, June 18 (Reuters) - Greece will set up its first
sovereign wealth fund to sell state assets such as estate
property, ports and public utilities that were not sold during
its debt crisis, its finance minister said on Tuesday.
    The fund, with initial capital of 300 million euros, will 
invest proceeds from thousands of state asset sales into green
projects, infrastructure and new technology, Finance Minister
Kostis Hatzidakis said in a news conference, unveiling the plan.
    "We hired BlackRock to propose the best corporate structure
for the fund," he added.
    Greece's privatisation agency HRADF and its bank bailout
fund HFSF will be absorbed by the Hellenic Corporation of Assets
and Participations (HCAP), which manages a portfolio of state
utilities and participations.
    The funds jointly raised more than 10 billion euros from the
sale of state assets and bank stakes to help Greece cut its debt
during its 2010-2018 crisis, Hatzidakis said.
    HFSF, which recently fully privatised three Greek lenders,
plans to sell its remaining 18% stake in National Bank  NBGr.AT 
and a 72.5% in Attica Bank by the end of the year, Hatzidakis
said.
    Greece will also look to modernise its bus and postal
services by allowing their state operators hire workers from the
private sector and offer them pay flexibility.

 (Reporting by Lefteris Papadimas; Editing by Angeliki
Koutantou; Editing by David Gregorio)
 ((lefteris.papadimas@thomsonreuters.com; +30 210 3376477;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))