Iran Offers Support Package for Innovative Firms Hit by Coronavirus

Ghanbar Naderi
Press TV, Tehran
 

The Iranian government is offering a wide-ranging package to help protect some of the most dynamic sectors of the economy. 

Delivered in partnership with several private banks and the National Innovation Fund, the Iranian government has for the third time announced a new coronavirus package to protect small and medium sized firms stimulating innovation in the country.

This includes investment fund for small companies impacted by the crisis, made up of funding from government and the private banking sector. Knowledge-based companies focusing on research and development will also benefit from the new grants and loans.

The comprehensive package will soon include a new loan scheme for high-growth firms employing more than 50 personnel as well. This includes targeted support for giant tech companies and businesses focusing on growth and development, as well as coronavirus research and treatment.

Iran is a regional frontrunner in innovation and at this hugely challenging time, its young, fast-growing firms are offering support to go through the post COVID recovery. The new grants and funds are open until the end of July, and the scale of the fund will be kept under review.

At the moment, at least five firms are developing vaccines for the COVID-19 virus in Iran. Many more knowledge-based companies are also producing equipment needed to tackle the disease despite US sanctions and economic restrictions.