Israel allocated a total of 400 million shekels (98.38 million U.S. dollars) to empower hi-tech startups during its ongoing conflict with Hamas, the state’s Finance Ministry said in a statement on Wednesday.
Last week, the Israel Innovation Authority (IIA) allocated 100 million shekels to support the newly established hi-tech companies, and now Israel’s Finance Minister Bezalel Smotrich has decided to quadruple the amount.
The move aims to fortify Israel’s hi-tech sector during a period of uncertainty, providing vital support to startups facing difficulties in raising capital from their existing investors during the current conflict, according to the statement.
It noted that this is the first in a series of further short- and long-term provisions the ministry is working on with the IIA while maintaining continuous collaboration and coordination with the hi-tech industry.
Last week, the IIA approved a series of relief and supportive measures for hi-tech companies to help them deal with the difficulties that have arisen since the outbreak of the conflict with Hamas.
In a survey issued by the IIA on Monday, over 80 percent of the Israeli hi-tech companies that took part in the survey reported that they were harmed by the ongoing conflict.
