The Minister of Science, Technological Development and Innovation, Jelena Begović, announced in the Serbian Parliament that additional funding will be provided for the Innovation Acceleration and Entrepreneurship Support Project in Serbia. Begović stated that the Proposal for a Law on the Confirmation of a Loan Agreement between Serbia and the International Bank for Reconstruction and Development (IBRD) will be presented to the parliament, ensuring additional financing for the project, which is expected to be highly significant for the country and will enhance entrepreneurship.
According to Begović, the project was initiated in 2022 and is being implemented through a partnership between the Government of Serbia, the International Bank for Reconstruction and Development (World Bank), and the European Union.
“All funds for the implementation of this project have been secured through the partnership of these three parties. The World Bank has provided a loan and technical support amounting to 43 million euros, while the European Union has contributed 41.5 million euros in financial support,” said Begović.
She emphasized that the project’s goal is to improve science in Serbia, make it more relevant, and also enhance entrepreneurship in the country.
“When I talk about entrepreneurship, I primarily mean research and development in private companies, especially small and medium-sized enterprises. Our ministry focuses on startup companies, which are typically established by young people, often during their student years, and are based on bold, high-risk ideas,” said Begović. She pointed out that the most developed countries base their economies on two principles: knowledge and innovation, with the ultimate goal being to increase the competitiveness of the Serbian economy.
The project is divided into three main components. The first focuses on supporting scientific research through funding from the Science Fund, the second targets innovative enterprises, particularly startups, providing them with technical support, and the third component involves supporting reforms in scientific and research organizations.
Begović also highlighted that a smart state invests in infrastructure that helps retain young and talented people, adding that the government is dedicated to creating an environment where they can build their careers.
“This is why Serbia has the Fund for Young Talents, which supports young people throughout their education, showing them that the state stands behind them and opens doors to their careers. The total budget of the Fund for Young Talents in 2024 is one billion dinars,” the minister stated. She reminded that the fund conducts three competitions annually.
