May 2, 2000
Budget has good news for the Challenge Fund
The Challenge Fund will have an additional $50 million to invest in leading edge research this fiscal year. The boost in funding was announced May 2 in the new provincial budget.
Dr. Calvin Stiller, chair of the Fund, will head a team to consider and make recommendations on how the $50 million should be invested.
"We will be looking at gaps in current funding programs to find out where this additional investment will be most effective," Dr. Stiller said. "One area we are particularly interested in is cancer research."
In the past two years, the Challenge Fund has committed $250 million to 65 research projects. Investments by the Fund and its institutional and private sector partners now total more than $740 million.
As well as increasing the Challenge Fund, the province has allocated an additional $500 million to the Ontario Innovation Trust, to help institutions establish state-of -the-art research facilities.
The newly created Ontario Research Performance Fund will provide $30 million annually to colleges, universities and research institutes to cover the overhead costs of doing research.
The province has also doubled the funding for the Premierís Research Excellence Awards to $10 million annually.
For more information on the Ontario budget, go to www.gov.on.ca and click on Budget 2000.