The banks are overcautious with crediting Informational Technologies (IT) field, Director of the Enterprise Incubator Foundation Bagrat Yengibaryan told NEWS.am, adding that IT does not rely heavily on the banks. “WB jointly with RA Ministry of Finance and Economy are developing a Venture Foundation model for Armenia”, said Yengibaryan, pointing out that IT all over the globe is funded by these foundations, that invest large amounts expecting to make a good profit.

According to Yengibaryan, banks’ caution of IT sphere is understandable, that is considered a risky sector. That is why banks avoid risks, particularly amid the global financial crisis. Venture Foundations operate in a risky field, where beyond all risks the possibility to generate quick and handsome profit is high. In case of financing programs’ approval these foundations immediately invest U.S. $1 m, meanwhile trusting the established market players of the field, Yengibaryan informs. “It is impossible to establish the filed in Armenia otherwise, at that this is insufficient either, as the venturing foundation will not allocate U.S. $1 m. to a start-up company”, he said.