The cabinet on Wednesday approved the implementation of a new funding mechanism for publicly funded research organisations, which will be implemented in 2027.

In remarks after the meeting, Deputy Research Minister Nicodemos Damianou said the new mechanism would be implemented to ensure that existing research infrastructure could be maintained and strengthened to evolve into structures with a long-term value.

According to Damianou, one of the key features of the mechanism is the funding of research centres based on 18 specific performance indicators which will span over six thematic areas, including research environment, international dimension and socioeconomic impact.

The funding will be renewed every three years, while the agencies’ performance will be assessed annually.

Damianou said the new mechanism would include several fiscal responsibility provisions, such as an assessment of the actual financing needs of the centres, the inclusion of other institutional state funding and a funding ceiling.

He stressed that the approval of the new mechanism laid the foundation for “a new model of institutional support for research and innovation”, aimed at enhancing competitiveness and scientific excellence whilst ensuring the effective and transparent utilisation of public funds to the benefit of society.