By Eliane Portillo

Venezuela, through the National Fund for Science and Technology, raised 1.6 billion bolivars (about 372 million USD) during 2011 to fund scientific projects, said Friday the Ministry of Science and Technology (MCT).

The MCT Deputy Minister for Scientific Development, Guillermo Barreto, said that with the reform of the Organic Law on Science, Technology and Innovation (Locti) adopted in December 2010, the contributions of public and private companies are deposited in the Fund for these purposes.

With these resources, the authorities determine projects to be funded in accordance with the planned strategic areas such as environment, health, food security, telecommunications, security and defense, education, politics and society, says the report released by the MCT. According to the report, at least 750 projects in the portfolio of the Research Incentive Program will be financed with those funds.