According to a statement by the EU Council, the programme will provide up to EUR 120 million in annual funding, unlocking around EUR 800 million in total investment.
The Council said the decisions mark the completion of the final stage of research and innovation work carried out under the Cypriot Presidency. It added that support provided through the Research Fund for Coal and Steel (RFCS) will continue to back the coal and steel sectors, which play a central role in the EU's industrial transformation.
The Council also noted that, in addition to contributing to the green transition, the fund will strengthen the competitiveness and sustainability of these strategically important industries, which are critical to Europe's resilience, economic strength and strategic autonomy.
Nicodemos Damianou, Cyprus' Deputy Minister of Research, Innovation and Digital Policy, said the new legal framework aligns co-financing rates with those under the Horizon Europe programme. As a result, industry participants will be eligible for EU funding covering up to 70% of the costs of qualifying projects. For small and medium-sized enterprises (SMEs), start-ups and academic institutions, the funding rate may reach up to 100%.
The new framework is also expected to simplify access to funding and pave the way for the future integration of the Research Fund for Coal and Steel with other EU research, innovation and investment support programmes.
The reform package consists of two Council decisions: one governing the use of the financial assets of the former European Coal and Steel Community (ECSC) to finance coal and steel research, and another setting out the multiannual financial and technical guidelines for managing the fund's assets.
Following the Council's final approval, the two decisions are expected to be published shortly in the Official Journal of the European Union and will enter into force on the 20th day after their publication.
The Research Fund for Coal and Steel was established in 2002 following the expiry of the Treaty establishing the European Coal and Steel Community (ECSC). The fund uses the annual interest generated from the ECSC's remaining financial assets to finance research and innovation projects aimed at enhancing the competitiveness of Europe's coal and steel industries. It operates separately from the EU's Multiannual Financial Framework.
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