Government has set aside a basket fund of about Rwf400 million to cater for scientific innovations, especially in the areas of Information Communication Technology (ICT), Agriculture and Manufacturing.The fund, known as Rwanda Innovation Endowment Fund (RIEF), was initiated by the Ministry of Education in partnership with the United Nations Economic Commission for Africa (UNECA) sub regional office under the One UN Rwanda.It will support projects that promote innovations in science, technology and research which could transform the social and economic development of the country. "Rwanda’s vision of becoming a knowledge-based economy will be realised through the support of extensive research and innovations in science and technology,” the Minister of Education, Vincent Biruta, said at the launch on Thursday.Biruta noted that the fund supports the growth of the private sector which will create employment opportunities and wealth in the country.The projects eligible for the fund should have a well defined business plan that focuses on innovations and research in the areas of agriculture, manufacturing and ICT.Applicants must implement their projects in the country and should be ready to foster the introduction of new technologies, increase employment generation, attract new capital investment, and introduce innovative products that will improve the livelihood and quality of life for the rural population, among others.According to the managers of the fund, each project will be availed funds not exceeding Rwf50 million.Aida Opoku Mensah, the Director ICTs and Science and Technology Division at UNECA, said that innovation today is a key driver for economic and social development even in developing countries."Africa is not short of talented innovators and entrepreneurs. It is African innovators that are at the forefront of developing mobile money transfer systems in the developing world,” she said.Mensah noted that UNECA is committed to support Rwanda towards the growth of RIEF."I am happy for Rwanda to be among the African countries that are promoting innovation applications."This fund will play a key role in promoting innovations that will benefit Rwandans,” he noted.Faustin Kananura Mbundu, the Chairman of Private Sector Federation, told The New Times that for the private sector to be highly effective in terms of service provision and to be ready to realise market challenges in the region, they need this type of fund."The fund will facilitate the increase of innovation culture among business operators and bridge the existing gap between research institutions, academia and the private entrepreneurs,” he said.Mbundu pointed out that the fund comes at time when PSF is advocating for the growth of innovations like kLab, an open innovation space located at Kigali’s ICT Park in Telecom House, which is open to young innovators and entrepreneurs. "We do appreciate Rwanda’s efforts to promote science, technology and research to drive its development and growth,” said Antonio M.A Pedro, the Director of UNECA sub regional office for Eastern Africa.The idea to establish RIEF was one of the resolutions of a 2010 conference held in Kigali that assessed the potential of Science, Technology and Innovation to achieve Millennium Development Goals in the country.