TEHRAN – Information and Communications Technology Minister Mohammad Javad Azari-Jahromi said on Wednesday that 5 trillion rials (nearly $112 million) has been allocated for the development of startups for the upcoming two years.

Azari-Jahromi said the budget can be handed to relevant institutions or it could be injected into the Iranian Venture Capital Association, Fars reported.

The ministry will announce all the fields which will be included in the budget within three weeks, he said.

He also said the plan will boost the energy of startups and new businesses as to be able to expand the country’s service sector.

The news comes amid reports that access to the websites of some startups has been blocked across the country.

MH/PA