New Industrialisation Funding Scheme (NIFS) (formerly known as Re-industrialisation Funding Scheme (RFS))
New Industrialisation Funding Scheme (NIFS) (renamed from Re-industrialisation Funding Scheme effective from 25 October 2023) aims to subsidise manufacturers to set up new smart production lines in Hong Kong.
Key Features
- Entire or a significant portion of the production line under application should fulfil the “smart manufacturing” criteria.
- Funding will be provided on a 1 (government) : 2 (company) matching basis.
- Maximum funding support: one-third of the total approved project cost or $15 million per project, whichever is lower. Each company can have in total 3 project applications and on-going projects under the scheme at any one time to receive total maximum funding of $45 million.
- Funding scope: expenses directly related to the establishment of the new production line in Hong Kong.
- Project duration: normally within 24 months.