Portuguese Prime Minister Luís Montenegro announced on June 21 the establishment of a sovereign wealth fund designed to allow state intervention in strategic sectors, including energy, banking, communications, and airport infrastructure. Speaking at the close of the PSD congress, Montenegro described the fund as an instrument for autonomy and state involvement in crucial industries. While intended to serve as a savings vehicle for future generations, its primary role is to assert national sovereignty. The Prime Minister specifically mentioned that the fund could extend to airport infrastructure concessions if operators fail to meet obligations and did not rule out taking stakes in banking or communications companies.
The fund will be financed annually by the State Budget and managed by the Instituto de Gestão da Tesouraria e do Crédito Público (IGCP). It is envisioned to hold minority shareholdings. Notably, state-controlled entities like Caixa Geral de Depósitos (CGD) and the national airline TAP, which is undergoing privatization but will retain a 50.01% state stake, will not be directly managed by this new fund. The government confirmed that the fund would only acquire strategic, non-majority stakes, differentiating it from the direct state control over CGD.
Experts and opposition parties, such as Portugal's Iniciativa Liberal (IL), have voiced concerns, drawing parallels to past state interventions, particularly the ownership of airline TAP, which led to significant debt rather than dividends. IL parliamentary leader Mário Amorim Lopes warned that greater state involvement risks repeating previous mistakes, emphasizing that the country is still paying for past ventures where the state acted as a shareholder. Despite these criticisms, government supporters believe the fund will open opportunities and allow the country to maintain control over strategic sectors. No specific details were provided regarding the fund's initial capitalization or the exact timeline for its implementation.
