Agencies to share tech venture guarantees

Venezuela's science and technology ministry MCT, SME support fund Fonpyme and governmental foreign trade bank Bancoex have signed an agreement to share guarantee obligations in support of tech ventures, national e-commerce chamber Cavecom-e said in a statement. The new association, Sogarcticet, will prioritize IT, telecoms and electrical industry ventures usually avoided by the financing sector because they are perceived as intangible or high risk. "Once a small firm or cooperative develops a software solution or [any other kind of] prototype, it requires backing to be marketed nationally or internationally," science and technology minister Yadira Córdova said. "These are some of the sectors that are growing most, with most investment and greater growth of jobs. We are committed to helping them overcome financial obstacles," Bancoex president Victor Álvarez said.