The cabinet is due to approve at next Sunday's meeting a NIS 290 million five-year Merom plan to strengthen Jerusalem's economy. NIS 145.5 million will be allocated to strengthen the city as a tourism capital, NIS 71. 4 million will be allocated for biotech R&D, and NIS 70.5 million will be allocated for other measures.
The Ministry of Tourism will allocate an additional NIS 75 million to encourage hotel construction in Jerusalem.
The investment in biotech R&D will fund grants for start-ups, upgrading laboratories for joint use by small and medium-sized companies, grants for services companies, incentives for biotech initiatives, and funding for Bio-Jerusalem.
Funding will also be made available for public buildings, student housing, and academic projects. The cabinet will also add Jerusalem to the list of assistance areas where scholarships are given for the first year university students who discharged soldiers or national civilian service graduates.
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