A joint South Korea and Israeli foundation plans to provide financial assistance to about three consortia between technology companies of the two countries, an official said Sunday.

The Korea-Israel Industrial Research and Development Foundation is set to select about three successful consortia by November for assistance, said Lee Heui-joo, an official handling the issue at South Korea's trade ministry.

He said the foundation can provide up to $1 million to each consortium after evaluation.

South Korea and Israel set up the nonprofit foundation in 2001 following a treaty meant to promote joint industrial research and development collaborations between their companies.

The two countries have set aside $2 million each per year, raising $53 million in their joint fund to date. So far, the foundation has approved 156 joint projects between their companies.

The foundation said on its website that it supports joint projects by disbursing cash grants up to 50 percent of the eligible R&D cost to a maximum $1 million. These grants are subjected to repayment, up to but not beyond the total funded amount, should there be commercial revenues arising from the projects, it said. (Yonhap)