Montenegro unveils sovereign wealth fund to invest in strategic sectors

Prime Minister Luís Montenegro has announced plans to create a Portuguese sovereign wealth fund (Fundo Soberano) that would allow the State to take equity stakes in strategic companies operating in sectors including energy, banking, telecommunications and infrastructure.

Speaking at the closing session of the PSD party congress in Anadia, Aveiro district, Montenegro said the fund would be managed within the framework of the Treasury and Public Debt Management Agency (IGCP) and would serve as “an instrument of autonomy and State intervention in strategic sectors”.

According to business newspaper ECO, the prime minister – and leader of the PSD – said the fund would bring together existing State shareholdings while enabling future investments in companies considered strategically important and capable of generating financial returns for the public sector.

“We want to have shareholdings that guarantee a savings vehicle for future generations and an instrument to ensure national sovereignty,” Montenegro said.

He added that the government could use the fund to invest in areas such as energy, while not ruling out banking, communications or even airport infrastructure management if concessionaires fail to meet their obligations.

Montenegro did not provide details on the size of the fund, its financing model or a timetable for its launch.

The announcement formed part of a broader package of policy initiatives unveiled during the congress, as the prime minister sought to reinforce his government’s reform agenda following political tensions over proposed labour law changes.

In an apparent reference to opposition parties, Montenegro said some political forces remained “trapped in models that belong to the past”, while others preferred “short-term convenience to long-term responsibility”.

Addressing recent calls to lower the retirement age, he reiterated that pension payments would remain protected.

“For us, pensions are sacred,” he said. “I will not accept anything that jeopardises the payment of pensions today or in the future.”

The prime minister also provided further details about a previously announced national disaster fund, which would be divided into two sub-funds covering seismic risks and extreme weather events.

The initiative follows a series of severe storms that affected central Portugal earlier this year and aims to provide a more structured response to natural disasters.

“We cannot continue chasing losses after every calamity,” Montenegro said.

He also confirmed that “Amália”, Portugal’s national artificial intelligence project, will be formally launched next month.

According to the government, the platform is expected to support public services, assist teachers with lesson planning, provide virtual access to cultural heritage sites and help the Armed Forces analyse data securely in real time.

Montenegro also announced plans for a new legal framework for rental housing and a performance-based incentive system for public sector workers, although further details have yet to be released.

Inês Lopes

Newspaper editor at The Portugal Resident