Eighty-four applications have been received for the Innovation & Technology Fund's two programmes.

Of these, 65 applications were received for the Innovation & Technology Support Programme (ITSP) while 19 applications were for the General Support Programme (GSP).

Assistant Commissioner for Innovation & Technology Brian Lo said the total amount of funds requested by the ITSP applications was $421 million, while GSP applications was $49 million.

Launched in November 1999, the $5 billion fund aims to finance projects that will contribute to innovation and technology upgrades in industries.

Besides the ITSP and GSP, the fund also finances projects under the University-Industry Collaboration Programme and the Small Entrepreneur Research Assistance Programme. Applications for these are open all year.

From the inception of the fund to the end of March, 1,554 applications have been received under the four programmes, requesting a total of $5.5 billion.

Among them, 373 applications have been approved. The total amount of funds approved is $956 million.

Most of the funded projects are related to information technology (36%), electrical and electronics (19%), and biotechnology (10%).