$1.5B investment will strengthen research and innovation in Brazil

$1.5B investment will strengthen research and innovation in Brazil

Chamber Articles Category: Information Technology Post Date: 11/08/17 Source: BrazilGovNews By: BrazilGovNews
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The Inter-American Development Bank (IDB) is going to invest US$ 1.5 billion in research and innovation work in Brazil over the next five years. The announcement was confirmed on Monday (6) by Gilberto Kassab, Minister of Science, Technology, Innovation and Communications.

“It is the largest investment in science, research and innovation in IDB's history," he said. The funds will be directed by Brazil's Financier of Studies and Projects (Finep). "Despite the difficulties the country is experiencing, Finep has been able to overcome adversities and lead partnerships to foster science, technology and innovation," the minister commended.

The amount includes a first round of US$ 703.6 million for the Innovate to Grow programme, which will be implemented by Finep. The IDB will finance US$ 600 million of this investment, while Finep will provide the US$ 103.6 million. The contribution is aimed at increasing the productivity of Brazilian companies through innovation and providing greater dynamism to the country's national innovation system. Read Full Article