TEHRAN - Iranian banking system paid 927 trillion rials (about $1.854 billion) of facilities to knowledge-based companies in the first four months of the current Iranian calendar year (March 20-July 21), to register a 63 percent rise compared to the same period in the preceding year.

According to the Central Bank of Iran (CBI), Iranian banks also paid 2.7 quadrillion rials (about $5.4 billion) of facilities to more than 2930 knowledge-based companies in the previous Iranian calendar year.

Iranian banks paid 16.57 quadrillion rials (about $33.14 billion) of facilities to various economic sectors in the first four months of the current Iranian calendar year (March 20 -July 21), registering a 20.6 percent rise from the figure in the same period of the previous year, according to the CBI data.

As reported, of the total facilities, 13.57 quadrillion rials (about $27.1 billion) equivalent to 78.3 percent, was paid to the business owners (real and legal), and 3.6 quadrillion rials (about $7.3 billion) equivalent to 21.7 percent, to the final consumers (households).

The significant and fast-paced growth in the number of knowledge-based companies with over 200 percent increase in their number just over the past year (March 2023 – March 2024), shows the solid foundation, dynamism, and growth of the country in innovation and technology and the productive atmosphere which have been made available in line with the goal of boosting domestic production with public participation.

The Iranian government underscores the quantitative and qualitative development of knowledge-based companies. The number of companies, which was around 5,000 in 2021, has now reached 10,000 with a total value of two billion dollars.

The law on supporting knowledge-based companies and institutions, and commercializing innovations and inventions, was approved by the parliament in Iranian year 1389 (2010 -2011), to achieve a knowledge-based economy.

EF/MA