The Hellenic Republic Asset Development Fund S.A. (HRADF), according to its founding Law No. 3986/2011, leverages the State private property assigned to it by the 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 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 duration of HRADF, which was established on 1st July 2011, is until 1st July 2026, with a possibility of further extension. Its sole shareholder is 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 addition, HRADF is assigned the maturation of contracts that are part of the Development Programme for Contracts of Strategic Importance according to the Law of Law 4799/2021 (A '78). Maturation services will be provided through a discrete operational unit at HRADF (Project Preparation Facility/PPF), so that there can be a clear distinction from the state-asset development role it has pursuant to Law 3986/2011.
In pursuing the purpose of the Fund, particular care shall be taken to contribute to the achievement of the objectives of the Europe Green Agreement and the 17 Sustainable Development Goals (SDGs) of the United Nations.
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.
In December 2018, HRADF received by TÜV AUSTRIA HELLAS two ISO Certifications:
- the ISO 9001:2015 - Quality Management System and
- the ISO 27001: 2013 - Information Security Management System
HRADF is managed by experienced professionals from the banking and business sectors and 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 simple organizational structure to facilitate the immediate decision-making process.
The Fund has adopted the Asset Development Plan (ADP), which is reviewed every six months and authorized by the Government Council for Economic Policy (KYSOIP). For the ADP 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 HRADF and its Program will be published on the Fund's website to achieve full transparency in terms of its procedures and keep the respective stakeholders updated.