Knowledge-Based Firms Borrow $860m

EghtesadOnline: Banks and credit institutions lent 137.6 trillion rials ($860 million) to 1,108 knowledge-based companies in the last fiscal year that ended on March 19.

News ID: ۷۴۹۹۳۳

29 April 2020

The figures indicate 74.5% hike on a year-year basis, according to a press release posted on the Central Bank of Iran website. Each company on average borrowed 124.2 billion rials ($777,500).

Three banks led the loan initiative. The privatized Bank Mellat and Bank Saderat Iran, and state-owned Bank Melli Iran together accounted for 43% of the loans.

A large portion of the loans came from Bank Mellat with 28.2 trillion rials ($176.2 million). Bank Melli and Bank Saderat offered 21.2 trillion rials and 19.8 trillion rials, respectively.

CBI has announced its support for tech firms. Earlier in the month, CBI Governor Abdolnasser Hemmati said the bank is willing to give financial support to help tech ecosystems grow.

In a meeting with senior officials from the Iran National Innovation Fund, Hemmati pointed to the fund’s endeavors in the past to boost a knowledge-based economy, saying that to strengthen startups and knowledge-based companies, special support centers will open in the provinces and will facilitate their access to legal and financial support.

According to INIF, affiliated to the Vice Presidential Office for Science and Technology, 4,800 knowledge-based companies are active nationwide and employ  300,000 plus people.

Support for tech firms are aimed at curbing Iran's dependence on oil export and develop its technology ecosystem.

President Hassan Rouhani said Monday Iran’s knowledge-based companies and tech firms generated 130 trillion rials ($812 million) in the last fiscal year that ended in March.