Sci & Tech
0

$5.3m Shot in the Arm for Coronavirus-Hit Tech Firms

Based on the report, around 72% of Iranian startups and tech businesses have been severely impacted by the market stagnancy caused by the spread of Covid-19
$5.3m Shot in the Arm for Coronavirus-Hit Tech Firms $5.3m Shot in the Arm for Coronavirus-Hit Tech Firms

Iran has spent 1.24 trillion rials ($5.3 million) on supporting fledgling tech businesses affected by the novel coronavirus that spread across the country in mid-February. 
It is expected to help revive and boost production lines of tech firms and startups affected by the viral outbreak, Iran’s Ministry of Information and Communications Technologies reported. 
Based on the report, around 72% of Iranian startups and tech businesses have been severely impacted by market stagnancy caused by the spread of Covid-19.
As arranged by the ICT Ministry, the money has been allocated to tech units in the form of two loan tranches: The first worth 542.3 billion rials ($2.3 million) was paid from February to April and the second worth 700 billion rials ($2.99 million) is being offered since June.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com