Korea-Israel Industrial R&D Foundation was established in May 2001 by the governments of Korea and Israel. KORIL-RDF supports industrial R&D projects that lead to potential commercialization and contribute to the economic progress of the two countries; furthermore, to promote and encourage joint industrial R&D collaborations between firms in Korea and Israel.
KORIL-RDF plays a pivotal role in managing joint R&D fund, an equal sum of USD 1.5 million per year raised by both governments and in the efficient allocation of funds to participating companies. KORRL-RDF supports approved joint projects by disbursing cash grants up to 50% of the eligible R&D cost to a maximum of USD 500K. These grants are subjected to repayment, up to but not beyond the total funded amount, should there be commercial revenues arising from the projects.