According to the Law 3986/2011, the Hellenic Republic Asset Development Fund (HRADF) leverages the private property of the State, which has been assigned to it, 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 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 other 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 can be extended with the decision of the General Assembly of its unique shareholder, which is the Hellenic Corporation of Assets and Participations (HCAP).
The assets which were included in the Medium-Term Programs have already been transferred to the Fund and they can be summarized in three categories:
- Land Development
In the framework of ensuring absolute transparency conditions the Fund publishes quarterly reports and policies and has internal procedures and policies, published tender Regulation and internal and external auditors.
It is managed by experienced professionals from the banking and business sectors, as well as consultancy and legal services, aided by a Council of Experts, while it recruits experienced international consultants for each project. It uses 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 has taken into account:
- The expected revenues
- The long-term benefits
- The complexity and maturity level of each project
All communication relating to the Fund will be published on the Fund’s website, in order to achieve full information and transparency.