Founded in 1996, the Research Promotion Foundation (RPF) was established at the initiative of the Government of the Republic of Cyprus, to promote the development of scientific and technological research in Cyprus due to the fundamental importance of research in contemporary societies. The Foundation is an independent organisation governed by a twelve-member Board of Directors, appointed by the Council of Ministers for a five-year period.

The Foundation's core objective is the promotion of scientific and technological research in Cyprus. Several specific objectives and priorities have been defined by the Foundation's Statute and the decisions of its Board of Directors, for the promotion of this main objective.