Serbia will take a loan from the International Bank for Reconstruction and Development (IBRD) of 43 million euros to implement the project “Accelerating Innovation and Encouraging Entrepreneurship Growth”.
Of that money, 15,392,500 euros was earmarked for the cost of goods, works and non-consulting services, consulting services, training and operational costs for the project.
A grant of 22.5 million euros was provided to the Science Fund, while another five million was earmarked for a co-financing grant to finance investments and technical assistance in selected companies.
The aim of this project is to improve the relevance and excellence of scientific research, innovative entrepreneurship and access to finance in order to grow the company, the contract says.
The money will, among other things, be spent on the funding of selected competing Science Foundation grants and research grants to individuals, research groups and companies.
Scientific research should promote links between the private sector and the R&D community, strengthen cooperation with the EU and other international programs.
One of the goals is to establish a program for cooperation with the scientific diaspora within the Science Fund in order to fund technical assistance and provide grants for scientists, researchers, entrepreneurs and the diaspora of Serbia.
The state is obliged to repay the principal of the debt in installments each May 15 and November 15 from 2023 to 2031.
Serbian President Aleksandar Vucic has signed a decree promulgating the law on this loan, which was published in the latest issue of the Official Gazette.
The International Bank for Reconstruction and Development is headquartered in Washington, USA and is part of the World Bank, Nova Ekonomija writes.
