World Bank provides USD 45 million to strengthen science, technology and innovation in Peru

The World Bank Board’s of Directors has approved a grant of USD 45 million grant to strengthen the science, technology and innovation (STI) system in Peru, which will help improve the productivity of companies by innovating processes and products. The project will support the institutional framework of the STI system to enhance its integration, coordination and efficiency. Specifically, the project will build institutional capacities of the National Science and Technology Council, the governing body of the system, and will support the evaluation of the efficiency and effectiveness of programs such as the National Science and Technology Fund. All institutional actors will receive technical assistance and equipment to improve their information, monitoring and planning systems. Students, researchers and professionals will receive funds to finance their research and innovation projects, doctoral and post-doctoral studies and internships. Companies will receive investments for innovation projects and for paying for shared services of business clusters. Universities, research centers and technology institutes will be able to finance purchases of equipment, hire top researchers and develop research or technology transfer activities. The USD 45 million loan will have a four-year maturity period and a repayment period of six years, with a five-year grace period.