Iran’s banking system disburses USD3.198 billion in facilities to knowledge-based firms
Date
11/4/2024 7:38:59 AM
(MENAFN) In the first half of the current Iranian calendar year (March 20 to September 21), the Iranian banking system disbursed a remarkable 1.599 quadrillion rials (approximately USD3.198 billion) in facilities to knowledge-based companies. This figure represents an impressive 52.8 percent increase compared to the same period in the previous year. According to data from the Central bank of Iran (CBI), these funds were allocated through 10,793 loans to more than 1,998 knowledge-based firms, highlighting the growing support for innovation-driven businesses in the country.
The trend of increased financial support for knowledge-based companies is part of a broader initiative to foster growth in this sector. Last year, Iranian banks provided a total of 2.7 quadrillion rials (around USD5.4 billion) to over 2,930 knowledge-based companies. The significant rise in the number of these companies, which has more than doubled in the past year, underscores the dynamic and evolving landscape of Iran's innovation and technology sectors. This growth reflects a productive environment that has been nurtured to enhance domestic production through public participation.
The Iranian government is committed to both the quantitative and qualitative development of knowledge-based companies. The total number of such firms has surged from approximately 5,000 in 2021 to around 10,000 today, with a combined value reaching two billion dollars. This rapid expansion signals the success of policies aimed at creating a robust framework for innovation and entrepreneurship in the country.
A key legislative measure supporting this growth is the law on the support of knowledge-based companies and institutions, as well as the commercialization of innovations and inventions, which was enacted by the Iranian parliament in 2010-2011. This law has been instrumental in advancing Iran's goals of establishing a knowledge-based economy, promoting research and development, and ultimately driving economic growth through innovation.
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