Feb. 22 (Bloomberg) -- Austria’s government has granted as much as 990 million euros ($13. billion) to the Institute of Science and Technology between 2017 and 2026.
The Alpine republic will give the institute, which focuses on basic research in the natural and mathematical sciences, 65.8 million euros a year and as much as 33.2 million euros if it acquires third-party funds and reaches certain quality parameters, according to a statement today. The Province of Lower Austria, where IST is located, is also contributing 368 million euros.
The state and the province will already have provided IST with 420 million euros by 2016, according to Austria Press Agency. The institute currently consists of 20 research groups and about 200 employees and is aiming to boost those numbers to 90 to 100 groups and 1,000 scientists by 2027, establishing “IST Austria in the world-wide top level of research,” its president, Professor Thomas Henzinger, said in the statement.
Since its establishment, IST has also managed to acquire 37 million euros in research funding and from private donors, the Klosterneuburg-based institute said.
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