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IDB approves $100 million to strengthen science and technology in Venezuela

The Inter-American Development Bank today announced the approval of a $100 million loan to Venezuela to strengthen the country's capacity for scientific research and technological innovation, and improve the competitiveness of its productive sector.

The resources will assist the National Science and Technology Research Council (CONICIT)* in fostering cooperation among the productive, environmental and social sectors for the generation, transfer, and use of science and technology, as well as promoting innovation by firms.

Among the activities that will be financed by the program are specialized training, scientific and technological research, innovative projects that increase small and medium enterprises´ competitiveness, scientific and technological information services, as well as science and technology dissemination and popularization activities.

The IDB financing gives continuity to a previous science and technology development program that was supported by a $47 million IDB loan approved in 1990.

The total cost of the current program is $200 million. The IDB loan is for a 20-year term, with a four-year grace period, at the variable interest rate, now 6.84 percent.

Local counterpart funds total $100 million.

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