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IDB will support investment in technology & innovation
01
Aug '08
Uruguay will receive a US$34 million loan from the Inter-American Development Bank to encourage more technological innovation.

The program will promote projects for the business sector, for science and technology services and other projects of public interest. It will also strengthen human resources capacity in science, technology and innovation, and it will improve the system's capacity for monitoring and evaluation.

“The government's priorities are to enhance Uruguay's international position to compete and achieve greater integration into the world economy by diversifying export markets,” said IDB Team Leader Juan Carlos Navarro. “The most important sectors are commerce, transportation and communication, and manufacturing, along with emerging areas such as software and information technology services, biotechnology and business engineering services”.

“As in most Latin American countries, the public sector accounts for the bulk of the research and development efforts,” added Navarro. “The challenge is to promote private sector participation and link academic work with the needs of the industry.”

A particularly innovative feature of this project is that it contains funds especially dedicated to encourage the use of technological solutions to social inclusion, enabling the national authorities to fund innovation projects aimed at tackling pressing problems in areas such as public health, poverty reduction, environmental protection and other social areas.

The National Research and Innovation Agency (ANII) will carry out the project.

The IDB previously financed programs to promote science in Uruguay in the 1990s. In 2000 the Bank approved the first technology development program for the country. The new IDB-financed project will be the second one for technology development. The IDB Korean Fund for Technology and Innovation also supported research and institutional strengthening.

The loan is for a 25-year term, with a 6-year grace period, at a variable interest rate.

Inter-American Development Bank

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