State Fund Throws Technology Firms $161 Million Life Line

The state-backed Iran National Innovation Fund has lent 40 trillion rials ($161.29 million) to knowledge-based companies and startups in the current Iranian year (ending March 20).
According to Siavash Malekifar, INIF’s deputy for development, loans worth 500 billion rials ($2 million) were paid, based on the size of businesses, IRNA reported.
Malekifar added that since the novel coronavirus was reported in Iran in February 2020, the government has invested 2.5 trillion rials ($10 million) in companies with creative ideas to combat the deadly disease, in addition to extending loans.
“After a public call was issued for healthcare and medical equipment proposals, 62 tech initiatives were selected for funding. The plans included the indigenization of ventilators, oxygen generators, research kits, facemasks, antibacterial surgical gowns, sanitizers, CT scan machines and a variety of medications,” he said.
The official noted that innovative firms have made the country almost self-sufficient in the production of these items.