TERHAN – The National Development Fund (NDF) has provided 18 trillion rials (about $430 million) for knowledge-based companies over the current Iranian calendar year 1397 (ending March 20, 2019), Mehr reported on Monday.

According to a tripartite agreement signed between NDF, vice presidency for science and technology, and Planning and Budget Organization, the credit is being offered to knowledge-based companies in the form of loans, said Seyyed Mohammad Sahebkar, an official with vice presidency for science and technology.

He added that the interest rates on bank loans for companies active in the field of water, agriculture, natural resources and environment is 10 percent and for firms active in industry and mine the figure is 12 percent.

The knowledge-based companies can file their request in the banks and benefit from its facilities after their case was approved by the vice presidency for science and technology, he explained.

Applicants can find more information on daneshbonyan.isti.ir.

In early July, the deputy science and technology vice-president for investments Alireza Daliri said that Iran has provided 120 trillion rials (2.8 billion dollars) facilities for 1400 knowledge-based companies during past five years.

During the previous Iranian calendar year 1396 (March 2017-2018) knowledge-based companies received 38 trillion rials (about $905 million) facilities from banks, he said.

Daliri announced that the companies received over 10 trillion rials (around $238 million) from banks from March 21 to June 21.

By March 2017, banks had provided 1.4 trillion rials (about $33 million) while the figure reached 5 trillion rials (about $120 million) in March 2018, Daliri added.

SB/MQ/MG