RIF announces €18 million additional research and innovation funding

The Research and Innovation Foundation announced an additional amount of €18 million for the fields of research and innovation as well as a strategic reallocation of its resources in its budget.

A press release by RIF Chair, Chief Scientist Demetris Skourides says that the decision strengthens the dynamics of the Cypriot research and innovation ecosystem and highlights the Government's clear commitment to investing in scientific excellence, technology and innovative entrepreneurship, as key drivers of sustainable economic growth and international competitiveness.

The additional €18 million, as well as the reallocation of existing resources, will be allocated to cutting-edge sectors that enhance the country's research and technological development, the press release reads.

The programmes include Research Infrastructures, Artificial Intelligence in the Public Sector and Innovative Product Production Lines.

In addition to securing increased funding RIF has made transformative changes to improve its operational efficiency. As a result, the time required for payments has been reduced from 275 days in 2019 to just 61 days in 2023, while the time to conclude contracts has been reduced from 21 months to 7 months in the same period.

In addition, the budget has more than doubled, from €130 million in 2014-2020 to €229 million by the end of 2025, while the announced budget for cutting-edge research has also doubled.

Moreover, the Excellence Hubs programme has seen an increase from €17.6 million to €25 million for 2021-2027, while the Vision ERC initiative, which had no funding until 2020, secured €2.5 million for the same period.

At the same time, the Bridge2Horizon programme, which also started without a budget in the previous period, now receives 8.6 million.

These investments have already contributed to a significant expansion of public-private partnerships, which have increased from 21% in 2021 to 29% in 2024, while it is expected to exceed this percentage in 2025, RIF said.

At the same time, the call for funding for postdoctoral researchers has recorded over 60% participation from female researchers, paving the way for greater gender equality in research and supporting the national effort to promote women in STEM sciences.

RIF underlines that through the Research & Innovation Strategy 2024-2026, aims to shape a unified, strong and extroverted ecosystem, capable of competing in the international environment and attracting high added value investments.

(Source: CNA)