MOSCOW (Pakistan Point News / Sputnik - 08th September, 2020) The European Institute of Innovation and Technology (EIT) has allocated 60 million Euros ($70.8 million) to 207 ground-breaking innovation projects and ventures from over 30 countries as part of the EU's measures to combat the coronavirus pandemic, according to a press release by the EIT on Tuesday.
"As part of the EU's efforts to tackle the COVID-19 pandemic, the European Institute of Innovation and Technology is proud to announce the EIT Crisis Response Initiative results: EUR 60 million awarded to 207 innovation projects and ventures from 32 countries," the press release said.
In particular, 62 new innovation projects by partners from 25 countries aim at developing solutions to directly resolve challenges posed by the coronavirus pandemic, while 145 ventures � start-ups, scale-ups, as well as small and medium-sized enterprises � from 23 countries that have been enormously impacted by COVID-19 will receive investment from the "Venture Support Instrument."
"The selected innovations provide immediate solutions within the EIT's key focus areas, from health and digitisation to food and urban mobility, to meet the wide array of challenges posed by the crisis," the press release said.
All EIT Crisis Response activities on the projects' implementations and support for the ventures will be completed by the end of 2020, the institute added.
