Maryland-Israel Development Fund Launched

"This week marked the launch of the Maryland-Israel Development Fund (MIDF), a joint project of the Maryland-Israel Development Center (MIDC), Maryland’s Department of Business and Economic Development, and the Office of the Chief Scientist of Israel’s Ministry of Industry and Trade. The Trendlines Group, representative of the state of Maryland in Israel, timed the announcement to coincide with the Biotech 2005 Conference, now taking place in Tel-Aviv. The fund is intended to encourage joint ventures between Israel-based and Maryland-based companies, and will support the development of new products. Trendlines Group managing director D. Todd Dollinger said that the fund will invest between $100,000 and $300,000 in approved projects. The total amount to be invested by the fund is $5 million over a five year period. The fund will invest in projects in the following fields: biotechnology, telecommunication, information systems, electronics, homeland security, and materials science. Funding will be made as a conditional grant, which will be returned by successful companies over time. MIDF will be investing on a matching basis.

Source: Globes correspondent. Maryland-Israel Development Fund launched: MIDF will invest $5 million over a five year period.Globes (25 May 2005) [FullText]