According to its founding Law No. 3986/2011, the Hellenic Republic Asset Development Fund (HRADF) leverages the Sate private property assigned to it by Hellenic Republic, according to the country's international obligations and the Medium-Term Fiscal Strategy.
In close cooperation with the Greek Government, HRADF promotes the implementation of privatizations in the country, having full responsibility for the application of the respective policy.
The materialization of the Fund’s privatization program is already in progress and its sole mission is the maximization of development by attracting direct investments in infrastructures, energy, real estate and other fields, while achieving additional important benefits, such as job creation, infrastructure modernization and promotion of the necessary reforms.
The Hellenic Asset Development Fund was established on 1st July 2011, with a six-year duration, which may be extended by decision of the General Assembly of its sole shareholder, namely the Hellenic Corporation of Assets and Participations (HCAP).
The assets included in the Medium-Term Programs have already been transferred to the Fund and they can be summarized in the following three categories:
- Land Development
In the context of ensuring absolute transparency, the Fund publishes quarterly reports, has internal procedures and policies, a published Procurement Regulation and internal as well as external auditors.
It is managed by experienced professionals from the banking and business sectors as well as from the consultancy and legal services' sectors, aided by a Council of Experts, while experienced international consultants are recruited for each project. It has at its disposal the most developed project management systems and has adopted a very simple organizational structure, in order to facilitate the immediate decision making process.
The Fund has adopted the Asset Development Plan (ADP), which is reviewed every six months. For its preparation, the Fund is taking into account:
- The expected revenues
- The long-term benefits
- The complexity and maturity level of each project
All announcements, documents and information relating to the Fund and its Program will be published on the Fund’s website, in order to achieve full transparency, in terms of its procedures, and keep the respective stakeholders updated.