Over $4.5b of bank loans paid to knowledge-based firms in 9 months

The Iranian banking system has paid 191 trillion rials (about $4.54 billion) of facilities to knowledge-based companies during the first nine months of the current Iranian calendar year (March 20-December 20, 2020).

According to the Central Bank of Iran (CBI) data, the amount of the mentioned facilities, paid to 763 companies, has increased by 128 percent compared to the previous year’s same period.

Bank Saderat Iran (BSI) accounted for the biggest share of the paid facilities with 35.3 trillion rials (about $840.4 million), followed by Bank Mellat with 33.2 trillion rials (about $790.4 million) of offered facilities.

Iranian banks paid 137.6 trillion rials (about $3.27 billion) of facilities to 1,108 knowledge-based companies in the past Iranian calendar year 1398 (ended on March 19, 2020), to register a 74.5 percent rise compared to the preceding year 1397.

Iran has developed plans to support and empower knowledge-based companies as a step forward to materialize the goal of a surge in production, as the economy is grappling with the U.S. sanctions.

According to Rouhollah Zolfaghari, deputy head of the Innovation and Prosperity Fund, a total budget of 63 trillion rials (nearly $1.5 billion) has been allocated to support the knowledge-based companies in the current Iranian calendar year.

Back in August 2020, Rouhollah Estiri, director of the international development and business at the Vice Presidency for Science and Technology, said more than 130 knowledge-based companies were established in the country by Iranian expatriates thanks to the incentives and supportive programs of the Vice Presidency for Science and Technology.

According to the official, knowledge-based companies exported products worth over $800 million in the past Iranian calendar year.

Detailed plans have also been prepared to support knowledge-based companies in the upcoming year.

source: TehranTimes