Israel injects US$179 million to aid hi-tech industry amid coronavirus pandemic

A view of Jerusalem's Old City | Photo: Reuters/Ronen Zvulun
A general view shows the Dome of the Rock and Jerusalem's Old City December 4, 2017. REUTERS/Ronen Zvulun *** Local Caption *** 07.12.17 09.04.18

Israel’s Ministry of Finance approved an immediate injection of 650 million new shekels (178.5 million U.S. dollars) to aid the Israeli hi-tech industry which faces difficulties because of the coronavirus pandemic, the Israeli Innovation Authority (IIA) said Thursday.

About 13.8 million dollars of the fund were allocated to the IIA to deal with the coronavirus, such as improving diagnostic methods, developing advanced production methods of medical equipment and more.

The rest will be transferred directly to companies that applied for support at the beginning of 2020.

Because of the health and political crisis in Israel, the Israeli parliament has not yet approved a government-budget, so 1,161 applications have not yet been discussed.

Now, the IIA has moved to expedited procedure, and decisions are expected to be made within a week.

“The hi-tech industry is the key for exiting the national economic crisis the day after the pandemic. Our role is to increase project funding at this time, enabling companies to overcome the crisis,” said Aharon Aharon, CEO of the IIA. Enditem

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