JERUSALEM, Aug. 27 (Xinhua) -- Israel's Innovation Authority and the Israeli-U.S. Binational Agricultural Research and Development (BARD) fund announced on Monday a joint research and development plan to promote agriculture in both countries.

As part of the program, scientists and researchers from both countries will be offered support to promote applied research.

Eligible persons who meet the criteria (scientists, commercial companies, researchers and experts in agriculture and technology) will receive support, totaling 4 million U.S. dollars a year.

BARD fund was established 40 years ago by the two countries, and each year injects 7 million dollars in infrastructure and applied research in all fields of agriculture.

Over the years, BARD has invested more than 300 million dollars to promote agriculture in both countries.

The initiative will enable business entities and commercial organizations to work together with the best Israeli and U.S. researchers and scientists from all academic and research institutions in both countries.

With the help of the Innovation Authority, the research results funded by BARD will be leveraged into practical solutions, technologies and products that will be developed to improve and promote the agriculture industry in Israel and the United States.