World Bank Approves $25.26 Million for Science and Technology in Chile

The World Bank today approved a $25.26 million loan to strengthen development of science and technology in Chile, to spread innovation and increase competitiveness and economic growth. The Science for the Knowledge Economy Project will fund research in science and technology, while supporting the Government of Chile in its efforts to establish an integrated approach to scientific learning and technological innovation. This loan builds on the success of the Millennium Science Initiative (MSI) undertaken in 1999 by Chile's Ministry of Planning and Cooperation with a five million dollar learning and innovation loan from the World Bank. "Knowledge and technical innovation are increasingly crucial to Chile's economic progress and long-term prosperity," said Axel van Trotsenburg, the World Bank Country Director of Chile. "This investment in the knowledge-based economy aims to improve national expertise in science and technology and enhance Chile's competitiveness in a way that will benefit all Chileans." Press release here.