Govt. allocates Rs. 1 b for new framework to fund commercialisation of research and innovation

Thursday, 6 November 2025 06:11 - - {{hitsCtrl.values.hits}}

Presidential Secretariat establishes new R&D Commercialisation Unit to evaluate and convert research-based projects into viable commercial ventures
Cabinet Spokesman Minister Dr. Nalinda Jayastissa says Rs. 2.2 b in applications received from local researchers and entrepreneurs seeking support under new initiative
Notes structured evaluation system introduced, assessing projects for technical, administrative, economic, social and environmental impact
Selected projects eligible for up to Rs. 50 m, with Rs. 10 m as initial grant and rest as repayable loan tied to 25% of annual net profit
Bank of Ceylon and Treasury’s Development Finance Department to jointly manage disbursement and oversight of approved projects

The Government has taken a major step towards linking research and innovation with national economic goals, with the Cabinet of Ministers on Monday approving to implement the ‘Research and Development Commercialisation Approach,’ a new framework designed to fund and expedite high-impact projects under the Presidential Secretariat.

A total of Rs. 1 billion has been allocated through the Budget 2025 to commercialise innovative ideas, technologies, products, and services that can add significant value to the country’s production economy and accelerate the Government’s development policy agenda.

To oversee this effort, a dedicated unit named the ‘Research and Development Commercialisation Approach’ has been established under the Presidential Secretariat. The unit is tasked with evaluating research-based projects for their technological and economic feasibility and facilitating their transformation into viable commercial ventures that contribute to national growth.

“So far, the unit has received applications worth Rs. 2.2 billion from local researchers and entrepreneurs,” Cabinet Spokesman Minister Dr. Nalinda Jayatissa said at the post-Cabinet meeting media briefing on Tuesday.

He said it has also designed a structured evaluation methodology comprising technical and administrative assessments, aimed at identifying projects with the highest economic, social and environmental impact. “Based on this process, projects will be categorised as essential or special initiatives, with priority given to those that can significantly enhance economic growth,” he added.

Dr. Jayatissa noted that under the new framework, selected projects will receive a maximum grant of Rs. 50 million, with up to Rs. 10 million disbursed initially as a feasibility-based grant. The remaining funds will be provided as a loan component, which must be repaid through 25% of the project’s net profit annually, after a one-year concessionary period.

He said the Bank of Ceylon, in collaboration with the Department of Development Finance of the General Treasury, will manage the disbursement of funds to the approved researchers and entrepreneurs.

The proposal, presented by President Anura Kumara Disanayake in his capacity as Finance, Planning and Economic Development Minister, was approved by the Cabinet of Ministers.