📈 Govt. Allocates Rs. 1 Bn for R&D Commercialisation Approach

The Cabinet has approved the 'Research and Development Commercialisation Approach' framework, allocating Rs. 1 Billion (Rs. 1 Bn) from Budget 2025 to fund and expedite high-impact projects. • Objective: To link research and innovation with national economic goals, converting research-based projects into viable commercial ventures. • Oversight: A dedicated R&D Commercialisation Unit is established under the Presidential Secretariat to evaluate projects based on technical, administrative, economic, social, and environmental impact. • Demand: The Unit has already received applications worth Rs. 2.2 Billion from local researchers and entrepreneurs. • Funding Structure: Selected projects are eligible for a maximum of Rs. 50 Million: • Up to Rs. 10 Mn as an initial feasibility-based grant. • The balance as a repayable loan component. • Repayment Terms: Loan must be repaid through 25% of the project’s annual net profit, following a one-year concessionary period. • Management: Disbursement and oversight will be jointly managed by the Bank of Ceylon and the Treasury's Development Finance Department.