The Economic Development and Trade Ministry of Ukraine plans to initiate a pilot project to support innovations by the state. The project envisages the selection and financing 30 projects for UAH 19.5 million.

"This is a model where the implementation of a social or market-friendly invention is co-financed by the state and private investors. This mechanism has long been used in the world... During a transparent tender, we plan to select 30 projects. The amount of funding will be UAH 19.5 million," Ukraine's First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv wrote on Facebook on Thursday following the presentation of the concept of the "pilot" project.

According to a report on the ministry's website, the competitive selection of projects should begin in September this year and last until the end of 2019. The projects will be selected with the involvement of the ProZorro platform.