An economic affairs ministry fund set up to support innovative projects which could have a significant role in the Dutch economy has been frozen, after MPs voted against a motion to support it.

Economic affairs minister Micky Adriaansens closed the fund on Tuesday after MPs failed to support a D66 motion expressing support for the project. The future of the fund now lies in the hands of the four parties negotiating on forming a new right-wing coalition cabinet.

The fund was launched in 2020 with €20 billion to back projects that would “contribute to the Netherlands’s sustainable earnings potential.”

The fund had been due to allocate some €3.4 billion in support this year and companies had been invited to apply from June 1. According to the Financieele Dagblad, 61 firms had already carried out a quick scan to see if they qualified.

Dutch university association UN said the growth fund was of “great importance” in stimulating the Netherlands’ earning potential.

The potential coalition partners have also raised doubts about two other billion euro funds – one focusing on climate change and the other on nitrogen-based pollution.