Cyber directorate set up a $2 million fund in collaboration with the IADB. A new R&D fund with the UAE is also in the works
The Israel National Cyber Directorate and the Ministry of Finance have set up a $2 million fund in collaboration with the Inter-American Development Bank (IADB), in order to support the cybersecurity needs of Latin American and Caribbean countries. In 2019, Israel already joined the World Bank’s Digital Development Partnership.
“Israel’s accession to the cyber fund is part of a strategic move to promote cooperation with banks in order to assist in promoting countries’ development,” said Chief Economist at the Ministry of Finance, Shira Greenberg.
“This new move will provide the foundations for advanced cyber technologies and open new opportunities to the Israeli industry,” added Greenberg.
“Human progress in the 21st century is digital, and a safe cyber space is a precondition for its existence,” added Roi Yarom, Director of Economy and Growth at the Israel National Cyber Directorate. “These agreements strengthen Israel’s partnership with the global development community and establish its position as a leading player.
“The joint activity will create economic and political bridges based on cyber protection between the Israeli ecosystem and emerging markets for the benefit of all parties.”
New partnership with the UAE
Also this week, the Israeli government approved a proposal by the Ministers of Foreign Affairs and Innovation, Science and Technology for the creation of a binational hi-tech investment fund with the United Arab Emirates.
Over the next 10 years, Israel is to invest an annual NIS 15 million in the fund (roughly $4.73 million), and this sum will be matched by the UAE. The fund will provide Israeli companies with financial incentives for innovative R&D and enable access to international resources and potential partners.
“Israel and the UAE share a passion for developing advanced technologies that will improve the quality of life as well as the environment and economy,” said Minister of Foreign Affairs, Yair Lapid. “This bilateral R&D fund is the engine for initiating the move in the private sector.”
“There is great importance in creating this fund,” said Minister of Innovation, Science and Technology, Orit Farkash HaCohen. “The UAE has traditionally invested in energy and infrastructure. The new fund will create a bridge that will facilitate Emirati investment in Israeli technology.”