The fund will grant £75 million each year from 2014 for 5 years to promote the economic development and social welfare of partner countries.
The newly announced ‘Newton Fund’, will improve the science and innovation capabilities of emerging powers and strengthen ties with Britain.
Under the fund, the UK will work with emerging powers including India to support research collaborations, researcher and student mobility & partnering schemes, building links between science institutions, developing innovation partnerships and support for innovation capacity building.
The £375 million fund over 5 years will allow the UK to use its strengths in scientific research to promote economic development and welfare in emerging economies while building long-term collaborations with countries that will produce leading innovations in the future.
The fund will cover 3 broad categories of activity:
people: improving science and innovation expertise (known as ‘capacity building’), student and researcher fellowships, mobility schemes and joint centres
programmes: research collaborations on development topics
translation: innovation partnerships and challenge funds to develop innovative solutions on development topics.