Portuguese government launches sovereign wealth fund
Portuguese Prime Minister Luis Montenegro announced on Sunday the creation of a sovereign wealth fund to enable state intervention in strategic sectors, including energy, banking, communications and airport infrastructure.
“It will be an independent and state instrument targetted at strategic sectors,” Montenegro said, adding that the fund is intended to provide a savings vehicle for future generations while also serving as a tool for asserting national sovereignty.
The prime minister said the fund could extend to airport infrastructure concessions if operators fail to meet their obligations, without ruling out stakes in banking or communications companies.
No details were provided on the fund’s financing sources or initial capitalisation.
According to experts the idea of having a state shareholder has already been tried in Portugal, and still provokes some disagreement.
A controversial and high profile case was the part-purchase of airline TAP by a consortium led by airline mogul David Neeleman in 2015 which stemmed from the idea of having the state at the helm of strategic companies, a decision that brought more debt than dividends to Portugal. The current government is currently part-privatising the airline at present.
On the other hand, government supporters point out that this decision to create a sovereign wealth fund opens up many opportunities and leaves the country in control of strategic sectors.
Source: Xinhua News. FERNANDO VELUDO/LUSA
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