A LOAN from the World Bank in order to SPEED UP innovations
The World Bank has granted a USD 48 million loan to Serbia that will boost economic development based on knowledge and innovations. The Executive Board of Directors of this bank approved the loan on Friday, the international financial institution announced. As stated, the loan should fund the advancement of the quality of scientific research that has a commercial potential, as well as development of firms engaged in such research. “Lack of necessary skills, knowledge, mentorship and funding of innovative enterprises” are highlighted as problems for innovative entrepreneurship in Serbia. The loan will also be used to fund Science Fund projects, as well as grants that will accelerate the development of innovative enterprises.