In February 2000, the Government approved the establishment of the Technology Foresight Fund, from which €646 million is being used to support research excellence in strategic technologies, particularly the development of world-class capabilities in the niche areas of information and communication technologies and biotechnology. The Government also approved the establishment of a national strategic research foundation, Science Foundation Ireland, as a mechanism for the management, allocation, disbursal and evaluation of this expenditure from the fund. To allow the foundation to commence operations almost immediately, the Government agreed that it could be established under the existing Industrial Development Acts as a sub-board of Forfás. The purpose of the Bill is to establish the foundation as a separate legal entity.