Chancellor of the Exchequer George Osborne has launched a £375 million (about €472 million) fund to promote economic development through science and innovation at the University of São Paulo on the final day of his visit to Brazil.
The newly named ‘Newton Fund’, will improve the science and research capabilities of emerging powers and strengthen ties with Britain. The £375 million fund will allow the UK to use its strengths in scientific research to promote economic development and welfare in emerging economies while building long-term collaborations with countries that will produce leading innovations in the future. The fund will lay the foundation for ongoing collaboration between the partner countries and the UK, promoting the UK as an international partner of choice and seeking opportunities for commercial collaboration as we work towards sustainable global growth.
The Chancellor made the announcement at a ceremony at the University of Sao Paulo to sign the first match funding agreement with a Brazilian partner. The Association of State Funding Agencies has committed £3 million pounds a year for 3 years matched by the Newton Fund. The £18 million agreement will support bilateral collaboration in areas such as food security, Future Cities, bio-economy and neglected diseases.
The fund is named after the pre-eminent UK scientist Isaac Newton. Each individual programme in a partner country will also be named after a renowned scientist or statesman/woman from that country.
The Newton Fund will support research collaborations, researcher and student mobility & partnering schemes, building links between science institutions, developing innovation partnerships and support for innovation capacity building.
