BUCHAREST, June 27 The European Bank for
Reconstruction and Development (EBRD) has invested more than 320
million lei ($99.41 million) to acquire an 8.6 percent stake in
Romania's electricity provider Electrica S.A. in an initial
The leftist government agreed to the IPO, Romania's first so
far this year, under a 4 billion euros aid deal led by the
International Monetary Fund.
"Our participation demonstrates the EBRD's commitment to
supporting the government's plans for increased privatisation of
the energy sector," Nandita Parshad, Power and Energy Director
at the EBRD, said in a statement.
Parshad said the EBRD will work with Electrica to align its
corporate governance with international standards: "This will
provide additional comfort and confidence to potential future
The EBRD is the largest institutional investor in Romania.
It invested about 6.7 billion euros across 360 projects in the
European Union member state so far.
($1 = 3.2190 Romanian lei)
(Reporting by Radu Marinas)