Iran’s banking system spends USD1.854B in facilities to knowledge-based companies
Date
9/11/2024 9:01:16 AM
(MENAFN) In the first four months of the current Iranian calendar year, from March 20 to July 21, Iran's banking system disbursed 927 trillion rials (approximately USD1.854 billion) in facilities to knowledge-based companies. This represents a notable 63 percent increase compared to the same period last year. This rise highlights the growing financial support for innovation and technology sectors within the country.
Additionally, data from the Central bank of Iran (CBI) reveals that Iranian banks provided a total of 2.7 quadrillion rials (about USD5.4 billion) in facilities to over 2,930 knowledge-based companies during the previous Iranian calendar year. This underscores the significant role that these financial supports play in fostering the growth of technology-driven enterprises.
In the broader context of economic support, banks granted 16.57 quadrillion rials (approximately USD33.14 billion) in facilities to various sectors in the first four months of the current calendar year. This amount reflects a 20.6 percent increase compared to the same period in the previous year. Of the total facilities provided, 13.57 quadrillion rials (about USD27.1 billion), or 78.3 percent, were allocated to business owners, while 3.6 quadrillion rials (around USD7.3 billion), or 21.7 percent, went to final consumers, including households.
The substantial growth in the number of knowledge-based companies, which has more than doubled over the past year—from about 5,000 in 2021 to 10,000—demonstrates Iran's commitment to advancing its innovation and technology sectors. This growth aligns with the government's goal to enhance domestic production through public participation. The legislative support for this sector began with the 2010-2011 approval of a law designed to support knowledge-based companies and commercialize innovations, reflecting the country's strategic focus on achieving a knowledge-based economy.
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