Domestic Bank to Help Support Tech Firms

EghtesadOnline: The state-owned Bank Melli Iran has signed an agreement with Iran National Innovation Fund to extend financial assistance to fledgling knowledge-based companies and startups.

News ID: ۷۴۸۴۱۰

11 September 2019

Toward this end, the bank established an office in INIF to offer loans and grants to startups, the fund's website reported.

Ali Vahdat, the head of INIF, told the media that the presence of BMI officials provides tech firms with easier access to banking services.

Reviewing the fund's performance in offering financial facilities to new knowledge-based firms, Vahdat said over the past five years, loans worth 700 billion rials ($5.9 million) have been paid to applicants, according to Financial Tribune.

“The figure has seen a massive rise, as the amount of loans has already reached 15 trillion rials [$128.2 million] since the beginning of the current fiscal year [started March 2019],” he said.

Local media have also reported that the government has agreed to invest 26 trillion rials ($222 million) in INIF to support knowledge-based companies and startups.

The investment is aimed at curbing the country's over-reliance on the sale of natural resources like metals and oil.

"Financial support to knowledge-based firms is expected to boost digital economy," Vahdat added.