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Executive Council introduces changes to Science and Technology Development Fund operations

The Executive Council has presented several regulatory changes to the Science and Technology Development Fund (FDCT) operations.

The new requirements to be enforced from February 1 are part of a restructuring that will see the FDCT be added to the Economic Services Bureau (DSE), which will then be renamed Economic Services and Technologic Development Bureau (DSEDT).

The restructuring intends to improve coordination in the technological innovation chain, in order to jointly promote the close integration of technology with the economy and boosting industrialization results of scientific research.

Under the new changes, the Secretary for Economy and Finance will become the President of the FDCT Board of Trustees, with the Project Evaluation Committee will also be reviewed in order to more accurately examine the different types of projects.

The financing of studies, research, promotion and innovative projects aimed at industrial development, as well as scientific research projects on the transformation of scientific results will also be reinforced.