Spain to Double Funding for Public-Private R&D Projects
The Spanish Government is working to expand R&D in the country by doubling its direct funding for public-private R&D projects. The original push for funding was part of the 2021 call from Spain’s State Research Agency (AEI).
The total budget of €375M has been allocated to the call, up from €260M in the previous call. Within this funding, €150M is available as direct state aid and €225M as loans. This is up from €70M and €190M respectively.
The call was made with the intention of promoting the development of new technologies, products, and services. It’s aimed at public research organisations including universities, health research institutes, technology centres, companies, and business associations.
A day after the funding increase was announced, the government revealed that another call has allocated €127m to 37 large projects intended to improve public-private cooperation. More than 200 companies and more than 100 research organisations are participating.
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Research and development is the engine of economic growth in an increasingly knowledge-based global economy, however more investment is needed to help boost human creativity, innovation and economic output.
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To find out more about R&D or to determine the eligibility of your business for receiving an R&D tax credit, contact a Swanson Reed R&D Tax Advisor today.
