Part V of the Act No. 7 of 1986 provides for the establishment of the Fund that shall be known as the National Fund for the Advancement of Science and Technology (NFAST) and shall be managed and administered by the Commission. The Fund is basically intended to provide support in terms of grants and awards to Science, Technology and Innovation (STI), Research and Development (R&D) and Technology Transfer activities carried out by local scientists within the national priority areas.  The main funder of the NFAST is the Government of United Republic of Tanzania. The Commission also collaborates closely with development partners and other collaborators to support sustainability and strengthening NFAST functions and funding systems.

The Commission through NFAST supports Science, Technology and Innovation (STI) in the following areas;

1. Support of scientific Research on National priorities
2. Support of technological development and transfer
3. Capacity building to R&D in STI activities
4. Joint collaborations –Tanzania and other countries agreed areas
5. Innovation grants to support innovative/up scaling projects
6. Support to commissioned research /innovative studies grants
7. Support  grants assistance(awards and sponsorships)