JERUSALEM, Oct. 19 (Xinhua) -- Israel's Ministry of Economy has launched a new program to provide 240 million new shekels (65.6 million U.S. dollars) for high-tech companies to establish research and development (R&D) centers, the Hebrew-language newspaper Israel Hayom reported Friday.

Each qualified company will receive 10 million new shekels, which will be paid over a period of three years, the report said.

A company will be entitled to the grant if 80 percent of its activity is and 60 percent of its employees live in the southern or northern periphery regions.

After the support period, the company will be entitled to requesting support in hiring high-paid employees in accordance with a plan of the Israel Investment Authority worth 100 million new shekels.