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ICT Ministry Paid Startups Loans Worth $5.6 Million

ICT Ministry Paid Startups Loans Worth $5.6 Million
ICT Ministry Paid Startups Loans Worth $5.6 Million

Iran's Ministry of Information and Communication Technologies provided 1.4 trillion rials ($5.6 million) in loans to startups and tech firms in the last Iranian year that ended on March 20, 2021.
According to ICT Minister Mohammad Javad Azari Jahromi, it’s the largest sum ever lent to tech firms in recent years, Peivast reported. 
“The technology ecosystem is supported by several entities, including the Vice Presidential Office for Science and Technology, which prefers to pump financial resources into well-developed tech companies and boost their activities. The ICT Ministry took a different approach, focusing on providing seed capital to startups,” Jahromi explained.
Through the Noafarin Scheme, which was approved by the Cabinet in May 2019, the ICT Ministry began identifying emerging startups and assisting them in earning 5 billion rials ($20,000) per year. 
“Then they can take advantage of bonuses provided by the ministry, such as tax exemptions and relief packages,” Jahromi said.

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