Iran's banking system ramps up support for knowledge-based companies
(MENAFN) Iran's banking system has significantly ramped up support for knowledge-based companies, disbursing 380.893 trillion rials (approximately USD780 million USD) in facilities during the first two months of the current Iranian calendar year (March 20-May 21). This marks a remarkable increase of over 100 percent compared to the same period in the previous year, according to data from the Central bank of Iran (CBI).
The CBI reported that 83 percent of these facilities were provided by non-government banks, with government banks contributing 17 percent, specialized banks 4.8 percent, and commercial banks 12.2 percent. During this period, a total of 2,632 loans were disbursed to 928 companies across various sectors.
In broader financial support efforts, the Iranian banking system allocated a total of 7.2 quadrillion rials (about USD14.4 billion USD) in facilities during the same two-month period. This represents a significant 36.2 percent increase compared to the previous year. Of this amount, 5.7 quadrillion rials (approximately USD11.4 billion USD), equivalent to 79.3 percent, was directed towards business owners (both real and legal entities), while 1.4 quadrillion rials (about USD2.9 billion USD), equivalent to 20.7 percent, went to final consumers, including households.
The initiatives reflect Iran's strategic focus on supporting and empowering knowledge-based companies, aligning with the national goal of promoting "Knowledge-based Production and job creation" amidst economic challenges posed by U.S. sanctions. Legislation enacted by the Iranian parliament in 2010 has laid the groundwork for fostering these companies, which have grown significantly in number over the years—from around 50 in 2013 to over 5,700 in the previous Iranian calendar year.
The concept of 'knowledge-based society' has also gained traction, underscoring the broader socio-economic benefits of supporting such companies across diverse sectors including information technology, healthcare, agriculture, and energy. These efforts signify Iran's commitment to advancing scientific progress and leveraging innovation to bolster its economy and societal development.
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