Applied Research Funds in the Works

Plans are underway to allocate NIS 40 million in the 2011 state budget to universities and research institutes for applied research projects. Government sources noted that between 1988 and 2008 the major source for such funds, which go to developing products that can be manufactured in Israel, was the Yeshaya Horowitz Association.

The foundation, which has donated between $100 million and $200 million to Israeli universities, hospitals and research institutes, lost all its money in Bernard Madoff's Ponzi scheme.