March 17, 2020 / 1:45 PM / 15 days ago

Israel to award companies grants for coronavirus research

TEL AVIV (Reuters) - The government will grant Israeli companies an initial amount of 50 million shekels ($13 million) for research and development of products and technologies to help fight Covid-19.

The Israel Innovation Authority, Ministry of Economy and the Manufacturers’ Association of Israel also called on factories to submit R&D plans to help develop or expedite production of technologies to combat the virus, the ministry said on Tuesday.

“Every company with a solution, whether it is in the proof of concept stage or a complete product that can be immediately installed at our health services, are invited to contact the Israel Innovation Authority as soon as today,” Economy Ministry Eli Cohen said.

Requests will be evaluated in a fast-track process.

Financial support for up to 75% of the approved projects’ expenditures will be provided.

Reporting by Tova Cohen; Editing by Steven Scheer

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