The Government of the Republic of Moldova launched the National Fund for Innovation and Technology Transfer, which is aimed at supporting young innovators and financing the development of modern solutions in the country. With a budget of 35 million lei for the next two years, the fund will facilitate the creation of hubs, laboratories and incubators where ideas can be tested and turned into reality, IPN reports.

The National Fund for Innovation and Technology Transfer will be managed by the National Agency for Research and Development, and the authorities hope that this initiative will contribute to the development of a stronger and more competitive economy in Moldova.

According to Premier Dorin Recean, the new fund will be an instrument through which research and innovation will be encouraged, while attracting capital from abroad.

One of the main objectives of the fund is to connect universities with the business communities, support start-ups and offer assistance to young researchers.

The prime minister also said that there are already innovative Moldovan projects that are successful at international level and among them are an application for personal finance management, an algorithm for the security of electricity grids and an interactive educational platform.