The Cabinet of Ministers has approved a new funding framework to accelerate the commercialization of research and development (R&D) projects in Sri Lanka, allocating Rs. 1 billion under the 2025 Budget to support innovative solutions that align with the government’s production-based economic policy.
A dedicated unit named the ‘Research and Development Commercialization Approach’, operating under the Presidential Secretariat, has been tasked with evaluating and executing high-impact proposals.
To date, the unit has submitted applications totalling Rs. 2.2 billion to local researchers and entrepreneurs.
The evaluation process will be conducted in two phases, technical and administrative, to identify projects that are economically, socially, and environmentally viable.
Selected proposals will be categorized based on their strategic importance and potential contribution to national development.
Key funding provisions include:
- Maximum grant per project: Rs. 50 million
- Up to Rs. 10 million may be issued as a direct grant based on feasibility
- Remaining funds to be repaid as 25% of net profit annually, after a one-year grace period
- Grants will be disbursed via Bank of Ceylon, in collaboration with the Department of Development Finance
The initiative aims to empower Sri Lankan researchers and entrepreneurs to transform innovative ideas into commercially viable ventures, while reinforcing the country’s commitment to inclusive, knowledge-driven growth. (Newswire)