Tejarat Bank Offers Aid Package Worth $26m to Technology Firms

Tejarat Bank, an Iranian state-run bank, has agreed to pay the Vice Presidential Office for Science and Technology 8 trillion rials ($26.6 million) in aid package to assist the development of startup ecosystem.
Hadi Akhlaqi, the bank's CEO, and Vice President for Science and Technology Sorena Sattari signed the agreement on Monday, ISNA reported.
According to Akhlaqi, the government will contribute 3 trillion rials ($10 million) of the total amount, as part of the 2021-22 budget bill, with the remainder coming from the bank's resources.
As per the agreement, the bank agreed to provide the aid package in the form of low-interest loans, grants and credit guarantees. The vice presidential office is in charge of screening applicants and introducing them to the bank.
According to Akhlaqi, the loan interest rate for applicants in less-developed areas and remote villages will be 10%, while firms in urban areas and metropolises will be charged 12%.