India, Israel announce 'I4Fund' call for R&D projects

Prime Minister Narendra Modi hosted a private dinner for his Israeli counterpart Benjamin Netanyahu and wife Sara at his 7, Lok Kalyan Marg residence. (PTI)

Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu today announced joint research and development projects under the India-Israel Industrial R&D and Technological Innovation Fund (I4F).

The 'I4Fund Call for Proposal' was announced with the launch of a website as well as the unveiling of a brochure by the two prime ministers at the India-Israel Business Summit here.

The fund was announced in July, 2017 during Modi's visit to Israel. Under this, the Department of Science and Technology, India and the National Innovation Authority of Israel have established a USD 40 million fund.

Through this flagship bilateral programme in the field of science, technology and innovation, support will be extended to research and development (R&D) projects, official sources said here.

The fund will provide a comprehensive set of support tools to encourage joint projects that convert "know-how" into "show-how", they said.

It will lead to joint development of affordable technological innovations in identified areas such as water, agriculture, energy and digital technologies.

India and Israel will make a contribution of USD 4 million each for the fund annually for five years.

The fund will also promote bilateral industrial R&D and innovation cooperation in the fields of science and technology by extending support to joint projects for innovative or technology-driven new or improved products, services or processes.

Institutional support in building up consortia, including private industry, enterprises and R&D institutions from India and Israel will be enabled through these collaborative projects, the sources added.