Belarusian Innovation Fund acquires new functions
MINSK (BelTA) – The system of venture financing of research projects has been improved in Belarus; the Belarusian Innovation Fund has acquired new functions. Belarus President Alexander Lukashenko signed corresponding decree No. 223 on 15 June, BelTA learned from the press service of the head of state.
The document introduces amendments and addenda to Decree No. 174 of 25 March 2008 “Concerning the improvement of the Belarusian Innovation Fund”.
In accordance with the decree, the Belarusian Innovation Fund will get the status of an innovative infrastructure object. The maximum period of using money provided by the Belarusian Innovation Fund is increased from 5 to 7 years. As a result, a debt burden will be lightened, and the amount of funds allocated for the manufacture of new products will be increased.
The Belarusian Innovation Fund will have a participation interest in Russian Venture Company (RVC). It will finance venture projects on the basis of a cooperation agreement. This will help raise the inflow of non-budget funds for the implementation of innovative projects, commercialization of innovations of Belarusian enterprises, and promotion of products on the markets of Russia and the Eurasian Economic Union.