LISBON, June 21 (Xinhua) -- 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 instrument of autonomy and state intervention in 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 capitalization.
According to experts interviewed by Xinhua, the idea of having a state shareholder has already been tried in Portugal, and still provokes some disagreement.
An emblematic case was the purchase of airline TAP, which stemmed from this idea of having the state at the helm of strategic companies, a decision that brought more debt than dividends to Portugal.
On the other hand, government supporters point out that this decision opens up many opportunities and leaves the country in control of strategic sectors. ■
