Banks and credit institutions gave 277 trillion rials ($893 million) loans to knowledge-based companies from the beginning of fiscal year to July 22, the Governor of the Central Bank of Iran said.
In a talk with state TV, Ali Salehabadi said the lending increased 79% in the four months from the corresponding period last year.
“The loans were given to 1,715 knowledge-based firms… The increase reflects the will of the banking sector to support the knowledge economy,” the CBI website quoted him as saying.
Total outstanding loans to startups and knowledge-based companies stood at 790 trillion rials ($2.5 billion) on July 22, which is 30% higher from the same period a year before, he noted.
He pledged to increase financial support to knowledge-based economy, saying new measures would be announced to help facilitate collateral such firms need to put up for borrowing.
“We are working in coordination with knowledge-based institutions such as the Vice Presidential Office for Science and Technology and Iran National Innovation Fund”.
Back in May, Bank Melli Iran opened two special branches in Tehran to facilitate funding for knowledge-based companies.
The new branches help improve the financial strength of knowledge-based companies, according to Mohammadreza Farzin, the bank CEO.
Lenders injected 670 trillion rials ($2.16b) into the knowledge-based economy in the fiscal year ending March 20.
According to data published by the Vice Presidential Office for Science and Technology published in mid-2021, almost 6,035 knowledge-based companies are active nationwide.
A knowledge-based economy is a system of consumption and production based on intellectual capital, in which a significant part of the company’s value may consist of intangible assets, mainly the value of its workers’ knowledge (intellectual capital).
The scope of a knowledge-based economy is not limited to the technology industry, it can also be used in other sectors like information technology, nanotechnology and biotechnology and other high tech firms.
Iran’s knowledge economy largely depends on the banking industry for funds, but there are plans to help them access money via the stock market.
