JERUSALEM, April 17 (Xinhua) -- Israel has launched a plan to encourage entrepreneurship in the northern and southern peripheral regions at a cost of 180 million new shekels (50 million U.S. dollars), the Israel Innovation Authority (IIA) said Wednesday.

The plan aims to promote an innovation-oriented economy in the Israeli periphery by establishing hi-tech incubators, while the IIA will provide up to 1.5 million new shekels per year for each incubator.

In addition, the companies operating in the incubator will each get an annual support of up to 1 million new shekels, alongside the benefits granted by the IIA.

The franchisees chosen to operate the incubators will work to develop the innovation system in their environment, while promoting cooperation with academic institutions, industry centers, investors, partners and potential customers.

"The plan will lead to the addition of hi-tech companies in the periphery, which will increase the employment centers in these regions," said Israeli Minister of Economy Eli Cohen.