TEHRAN -- The vice presidency for science and technology paves the way for startups with providing support and approving laws, the head of management development department of the vice presidency for science and technology Alireza Daliri said, Mehr reported on Monday.

World economy has shifted recently onto providing science and technology infrastructures and Iran is not an exception in this regard, he said.

Nowadays startups and knowledge-based companies active in different fields of innovation including biotechnology and nanotechnology are developed in the country, he added.

“We should support emerging startups with correct investment not giving loan, which make them financially weak,” he said.

He said that 15 venture capitals has been already established in Iran and there are several ones in line for beginning their work.

In early July, Daliri announced that Iran has provided 120 trillion rials (2.8 billion dollars) facilities for 1,400 knowledge-based companies during past five years.
 
He said that during the previous Iranian calendar year 1396 (March 2017-2018) knowledge-based companies received 38 trillion rials (about $905 million) facilities from banks.

It is predicted that facilities worth 50 trillion rials (about $1.2 billion) will be allocated to the companies until the end of the current Iranian calendar year, he said.

SB/MQ/MG