TEHRAN - Iran’s SMEs Investment Guarantee Fund (SIF) is pursuing a plan to increase its capital by 100 percent in the current Iranian calendar year (ends in late March 2024), a member of the board of the fund said.

“In order to expand the role and duties of the SMEs Investment Guarantee Fund, the title and duties of the fund will be changed and developed,” Mohammad-Sadegh Mohammad-Yari said.

“One of the basic problems of the fund, which is always considered a serious obstacle in the way of developing activities, is the limitation of capital compared to the fund's services,” Mohammad-Yari said.

“In this regard and in order to resolve this issue, we had many follow-ups and correspondences with various government departments, including the Industry, Mining and Trade Ministry, and finally, last year, 70 billion tomans [700 billion rials (about $1.3 million)] was allocated to the fund; this year we are seeking a nearly 100 percent increase in the fund’s capital,” the official added.

EF/MA