The Post Privatization Foundation, used by the state to invest funds in the Romanian Post Privatization Fund (FRPP), plans to re-invest a part of its profits to develop inventions licensed and registered by the State Office for Inventions and Trademarks (OSIM). The fund posted income worth €19 million, 150 percent more than has been invested in the past 11 years, from the sale of several share packages.
The profits could be directed to business projects to develop the most important inventions registered at OSIM, according to József Csáka, Adviser to SME, Commerce and Tourism Minister Ovidiu Silaghi. At present, many of the inventions are blocked for lack of funds, Csáka told Business Standard.
Prior to becoming a ministerial advisor in early April, Csaka was President of the National Agency for Small and Medium Sized Enterprises and Co-operatives (ANIMMC), the governmental body that owns the Post Privatization Foundation.
The Post Privatization Fund was created in 1996 to support companies being privatized through capital investments.
Investors
The European Bank for Reconstruction and Development (EBRD) and the European Union also made significant investments in this fund.
FRPP recently concluded its activity. FRPP’s administrator, GED Capital Development, also announced it was collecting money to launch a real estate investment fund for land purchases. One of the main contributors to the fund will be a Spanish bank, Caja Madrid.