The Serbian Innovation Fund said on Wednesday that it would provide 9.6 million Euro for for 41 projects in the first phase of the IPA project Increasing Innovation Capacities and Growth of Small and Medium Enterprises.

It said that the projects to be funded were chosen from 284 applications submitted for the Mini Grants, Matching Grants and Collaborative Grant Scheme Program. “Funding was approved for 27 projects of companies in the early stages of development, eight projects of established companies, and six for joint projects of companies and R&D organizations. Depending on the program, innovative projects are supported with grants of up to EUR 120,000 and up to EUR 500,000,” a press release said.

The press release said that the projects cover fields which include ICT, mechanical engineering, electronics and environmental protection and added that the grants will be used to develop new or improve existing products, services, or technologies contributing to growth and increased competitiveness.