In 2003, both countries discussed doubling their investment in their ongoing science and technology collaboration to $1 million each, starting in October 2004. In 2005, India and Israel signed a memorandum of understanding to set up a fund to encourage bilateral investment into industrial research and development and specific projects. Under the agreement, at least one Indian and one Israeli company must be collaborating on a project for that project to qualify for the fund. From 2006 to 2014, the fund, named i4RD, has been used in seven projects. In 2012, the two countries signed a five-year $50 million academic research agreement for promoting collaborative research across a wide range of disciplines, including medical and information technology, social and life sciences, humanities, and the arts.