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sale of 30% of the company’s shares, and has
already received a significant number of inquiries
from major airport operators from all over the
globe.
For those tenders in progress, the participants are
also high-valued companies. For example, the
privatisation of the Thessaloniki Port Authority
has attracted active schemes from Japan, Dubai,
Philippines, Greece, Germany, Denmark etc.
The 2017 - 2019 target
The target for the next three years is to implement
a programme that includes almost 15 privatisations
of significant assets in the fields of infrastructure,
energy, real estate for tourism development etc.
On the financial level, HRADF aims to collect 4 bil-
lion euros, by also ensuring a programme of
mandatory investments of a substantial value.
The target for this year has been set to agree-
ments worth a total of 2.6 billion euros.
HRADF trusts that the current income flow, which
is expected to increase during the three-years
2017-2019, will be instrumental for refuelling the
economy and creating thousands of new jobs, for
the upgrading and the construction of new infra-
structure, as well as for improving the country’s
tourism product.
Decision making
The Fund’s management is solely responsible for
its operation and recommends each privatisation
to be decided upon by the Board of Directors. In
addition, two representatives appointed by the
member states of the euro zone and the
European Commission are entitled to attend the
Board’s meetings as observers, without the right
to vote.
The Fund is also supported by a Council of
Experts, comprising 7 members, who submit an
opinion on every privatisation. Its members are
widely accepted professionals, distinguished for
their scientific qualifications and professional
experience from the technical, economics, or law
sectors. The Board appoints four members and
the Institutions appoint three.
The Board meets regularly to approve of the
basic steps of the tender procedure – the pre-
selection, the main terms of the agreement, and
the selection of the preferred bidder.
Decisions are taken by simple majority of the
Board, and the opinion submitted by the Council
of Experts represents the majority. At the end of
the procedure, there is also an independent
Auditor, whose opinion is also taken into consid-
eration by the Board.
After the Board decides to proceed with any pri-
vatisation, the agreement is submitted to the
Court of Audit for a pre-conditioned audit. On
average, the privatisation process lasts from 9 to
15 months, from the beginning of the preparation
stage till the deposit of the amount to the Fund’s
accounts.
To comply with the highest transparency stan-
dards, the HRADF publishes quarterly reports,
