MPs discuss law to create an innovation financing body

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The House of Representatives began its session today, under the chairmanship of Dr. Ali Abdel-Al, to discuss a draft law submitted by the government on the issuance of the law for the establishment of the Finance Authority for Science, Technology and Innovation, in light of the parliamentary report of the Joint Committee of the Committee for Education and Scientific Research. Next.

The draft law, in the light of the directives of the political leadership, during the celebration of the science of the need to establish a fund for the care of innovators and negotiators, and the granting of incentives for science, technology and innovation, which enabled the government universities and civil institutes and research centers of all ministries to complete the cycle of innovation by investing the outputs of scientific research, Scientific research is the locomotive of economic development in Egypt.

According to the parliamentary report, the draft law of the Commission for the financing of science, technology and innovation to complement the development of the legislative system governing scientific research, and as an alternative to the Fund for Science and Technological Development, which was created by the Presidential Decree No. 218 of 2017, a legislative degree less than the law, The Fund has been working in recent years despite the confirmed impact of the Fund on the research performance of universities and research centers for a number of reasons, foremost of which is that the Fund is financed by Chapter 6 only, To discharge from this section, which requires additional approvals from the Ministries of Planning and Finance and the Central Organ of Organization and Administration.

In its current situation, the Parliamentary Report reviewed the reasons that led to the impeding of the Fund's work, including that the mechanism for appointing or assigning staff to the Fund does not guarantee sufficient flexibility to select the competencies of elements from the administrative body or beyond. Technically, this is the mainstay of the Fund's work. It is not possible to transfer the Fund's savings for the following years to the contrary with other laws of the State. In addition, the Presidential Decree establishing the Fund does not guarantee any tool for the Fund to manage innovations from patents or research outputs. The creation of technological companies, which leads to the completion of the cycle of innovation and the frustration of researchers.

The parliamentary report pointed out that the draft law was created by the Science and Technology and Innovation Finance Authority, which includes the term innovation, not only science and technological development, which implies the completion of the natural cycle of innovation and the access of science and technology to the beneficiary and the development of the knowledge economy. In various forms to integrate with the law of incentives for science and technology and innovation to enable the Commission to market the outputs of research funded by, as well as the management of programs for the implementation of research projects for third parties, and can participate in the Scientific research conducted by international or regional organizations in partnership with Yale universities and research centers and Egyptian institutes.

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The mandate of the Science and Technology Finance Authority, according to the draft law, includes a number of tasks, including the financing of scientific research and technological development, encouraging the utilization of its results, participating in the development of the general plan of the state, supporting the innovative capabilities of the science and technology system, supporting the dissemination of data and information on science and technology, financing of scientific and scientific conferences and workshops, Research funded by the Commission, funding the travel of researchers abroad, managing the implementation programs of research projects funded by others, and participating in the financing of scientific research conducted by the International organizations, regional or foreign universities.

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