Tashkent, Uzbekistan (UzDaily.com) -- Minister of Innovation Development Ibrohim Abdurakhmonov received a World Bank delegation led by Marializa Mott, Global Finance, Competitiveness and Innovation Leader for Europe and Central Asia.

During the meeting, three components of the project on the commercialization of science in Uzbekistan were discussed. The first component in the amount of US$5 million is aimed at supporting relevant activities related to the development and implementation of the project. The parties discussed preparation for the project, paid special attention to the analytical and technical design work, preparation of the project’s operational management, development of a specific anti-corruption action plan, financial management and development of monitoring and evaluation systems to track project progress.

The second component worth US$30 million will help bring the science and technology (S&T) development system to a more sustainable and modern path of renewal so that science can serve as a resource for economic growth and competitiveness. The applied research and development program will provide funding to identify leading Uzbek scientists and talented young researchers interested in conducting applied research and development in accordance with international standards. These funds will be allocated for researchers, PhD students, including study abroad and grants for universities and research institutes for conducting applied economic analysis.

The third component in the amount of US$15 million envisages grants for the introduction of technologies, as well as for the creation of concepts, prototyping, research and development, and commercialization. It is expected that these funds will be allocated to entrepreneurs, innovative start-ups, subsidiaries, micro-, small and medium-sized enterprises from all sectors of the industry that have technological innovations or the potential to develop a new or improved product (including services).

The program will provide grants to cover up to 40% of costs for technology implementation projects and up to 70% of costs for innovative projects with a maximum amount of US$250,000 for projects lasting up to 24 months, subject to co-financing from its own resources.

The parties decided to discuss in detail the next stage of the project in October 2019 and provide the necessary documentation in the prescribed manner to create a project implementation group. In addition, as representatives of the World Bank noted for the implementation of the project (PIU) under the Mininnovation can receive up to US$100 million.