Cyprus to spend EUR160 mln on research

The new Programmes for Research, Technological Development and Innovation in Cyprus, to be implemented during the period 2008-2010, will provide funds worth 160 million euro.
Presenting the new Programmes, President of the Board of Directors of the Research Promotion Foundation, Director General of the Planning Bureau Andreas Moleskis said that this set of Programmes constitutes a medium-term mechanism to implement the strategic goals of the Foundation.
He also noted that this set of Programmes complies with proposed goals and aims, with European policy on issues of Research, the Technological Development and Innovation, as it defined in the decisions of the European Councils and in particular the Lisbon Treaty.
The programmes will fund projects worth 160 million euro, of which 120 million is the contribution of the Foundation. This amount comes from the Development Budget of the state, the Regional Development Fund and the EU Structural Funds which are used for the first time for expenses towards research, technological development and innovation.
The programmes will also support the creation and development of new infrastructure worth 50 million euro.
Finance Minister Michalis Sarris praised the work of the Foundation, noting that the announcement of this new set of Programmes marks an additional step towards the right direction.
Director General of the Foundation Achilleas Patzinakos assured the research and scientific community of Cyprus that the Foundation will intensify its efforts to further promote and upgrade research and innovation in Cyprus.