The National Innovation Fund passes under the management of the Ministry of Economy
As part of the urgent measures to support the innovation of enterprises, with the amendment of Decree № 70 of March 2, 2021 the management of the National Innovation Fund passes under the management of the Ministry of Economy. The administrator of the fund will be the Executive Agency for Promotion of Small and Medium Enterprises, and the change will take effect retroactively on July 2, 2021, according to the government information service.
The National Innovation Fund encourages the development of innovations by co-financing the implementation of research and development projects in enterprises under the scheme - "Supporting research and development of enterprises and organizations for research and dissemination of knowledge." The fund is the only mechanism to support innovation and research and development in enterprises with funds from the state budget.