The system of formation and use of funds of innovation funds is being improved in Belarus

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On November 28, Head of State Alexander Lukashenko signed Decree No. 431 “On Amendments and Additions to Decrees of the President of the Republic of Belarus”.

The document provides for the formation of a republican centralized innovation fund by combining innovation funds of republican government bodies; redistribution of unused funds of local innovation funds in the absence of innovation projects in the region; nationwide competitive selection and state scientific and technical expertise of projects and works, depending on the contribution to the gross domestic product and exports.

In addition, it provides for the adjustment of the directions of the use of funds from innovation funds with the concentration of resources on financing projects of the state program for innovative development of Belarus, as well as the consolidation of functions for monitoring the targeted and effective use of funds from innovation funds for the State Committee for Science and Technology.

The adoption of the Decree will allow to ensure the concentration of financial resources on the implementation of the most important for Belarus perspective innovative projects and scientific and technical developments.

According to the official Internet portal of the President of the Republic of Belarus