JERUSALEM, April 21 (Xinhua) -- The Israel Innovation Authority (IIA) and the Finance Ministry announced in a joint statement on Sunday the establishment of a new fund to support the country's hi-tech startup companies.

By setting up the fund, the Israeli government aims to stimulate the investment in tech-focused Israeli venture capital funds from institutional entities like insurance companies, pension funds, and provident funds within the next 20 months.

The fund's budget will comprise about 160 million U.S. dollars from state funds, with the IIA contributing 30 cents for every dollar of institutional investment.

To enhance returns for the institutions involved, the IIA said it would waive its relative share of returns from these investments, either fully or partially.

"We are in a period where we need to plan a strategy for transitioning from war to growth," said Israeli Finance Minister Bezalel Smotrich. "Smart investment in Israeli hi-tech is one of the first steps we are advancing." Enditem

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