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Luxinnovation said much of its programme last year was focused on pandemic recovery aid for businesses. Pictured: Mario Grotz, chairman of Luxinnovation, and Franz Fayot, the economy minister, are seen speaking during a press conference, 22 April 2021. Photo credit: MECO 

That included Luxinnovation’s own Fit 4 Resilience and StartupsVsCovid19 schemes, as well as assisting local firms access at least €15.4m in EU covid-related research grants.

The figures were disclosed in the outfit’s 2020 annual report, released on 22 April. Mario Grotz, its board chair, wrote that “Luxinnovation played a pivotal role in supporting companies” during the pandemic.

Luxinnovation had a €10.1m budget in 2020 (compared to €10.4m in 2019) and reported a net €6.8m on its balance sheet, as of 31 December 2020 (compared to €4.5m, as of 31 December 2019). 85% of the outfit’s funding comes from the economy ministry.

Franz Fayot, the economy minister (LSAP), called Luxinnovation “a key partner not only for the economy ministry but also for businesses” in a tweet. “We are at the heart of a real economic transition in which innovation plays a driving role.”

The 35 year old agency, located in Belval, reported having 74 employees.