$113m State-Backed Loans for Startups, Technological Firms

Since March 2018, Iran National Innovation Fund has offered loans and aid packages to the tune of 13 trillion rials ($113 million) to Iranian startups and tech firms, a deputy at INIF said on Tuesday. 
Siavash Malekifar was speaking at a meeting with managers of tech firms in Tabriz, East Azerbaijan. 
The INIF deputy said, “Since the beginning of last [fiscal] year [started March 2018], Iran National Innovation Fund has provided 4,500 knowledge-based companies active across the country with loans worth over 13 trillion rials [$113 million].”
The fund is affiliated to the Vice Presidential Office for Science and Technology. It became operational in 2013 after President Hassan Rouhani took office.
The Rouhani administration established the fund with an initial investment of 30 trillion rials ($260 million). As per the law, the government is required to allocate 0.5% of its annual budget to INIF.