ATHENS (Reuters) – Greece will set up its first sovereign wealth fund to promote state property akin to property property, ports and public utilities that weren’t offered throughout its debt disaster, its finance minister stated on Tuesday.

The fund, with preliminary capital of 300 million euros, will make investments proceeds from 1000’s of state asset gross sales into inexperienced tasks, infrastructure and new expertise, Finance Minister Kostis Hatzidakis stated in a information convention, unveiling the plan.

“We hired BlackRock (NYSE:) to propose the best corporate structure for the fund,” he added.

Greece’s privatisation company HRADF and its financial institution bailout fund HFSF will likely be absorbed by the Hellenic Company of Belongings and Participations (HCAP), which manages a portfolio of state utilities and participations.

The funds collectively raised greater than 10 billion euros from the sale of state property and financial institution stakes to assist Greece lower its debt throughout its 2010-2018 disaster, Hatzidakis stated.

HFSF, which lately totally privatised three Greek lenders, plans to promote its remaining 18% stake in Nationwide Financial institution and a 72.5% in Attica Financial institution by the top of the yr, Hatzidakis stated.

Greece can even look to modernise its bus and postal companies by permitting their state operators rent employees from the personal sector and provide them pay flexibility.