TEHRAN - The Iranian banking system has paid 127.1 trillion rials (about $3.02 billion) of facilities to knowledge-based companies during the first three months of the current Iranian calendar year (March 21-June 21).

According to the Central Bank of Iran (CBI) data, the amount of the mentioned facilities, paid to 558 companies, has increased by 247.4 percent compared to the previous year’s same period.

Bank Melli Iran (BMI) accounted for the biggest share of the paid facilities with 30.2 trillion rials (about $719.4 million), followed by Bank Saderat Iran (BSI) with 19.7 trillion rials (about $397.6 million) of offered facilities.

Iranian banks had paid 191 trillion rials (about $4.54 billion) of facilities to knowledge-based companies during the first nine months of the previous Iranian calendar year (March 20-December 20, 2020).

The Islamic Republic has developed plans to support and empower knowledge-based companies as a step forward to materialize the goal of the year which is “Production: Support and Elimination of Obstacles”, as the economy is fighting the U.S. sanctions.

The law for promoting and supporting knowledge-based companies was approved by the Majlis (Iranian parliament) in 2010, paving the way for a jumpstart in the march toward scientific progress.

Over the past couple of years, the concept of ‘knowledge-based company’ has changed to ‘knowledge-based society’, meaning that supporting knowledge-based companies will lead to many social and economic advantages for the public.

The deputy vice president for science and technology, Mehdi Elyasi, says the number of knowledge-based companies has increased from around 50 in 2013 to more than 5,700 in the previous Iranian calendar year.

Currently, many knowledge-based companies are active in different fields, ranging from information and communication technology to health, agriculture, and energy, according to Elyasi.

Various knowledge-based companies have made advancements in different fields, however, the level of progress in the fields of health, ICT, agriculture, and energy has been more noticeable. Of course, other sectors such as the automotive industry have removed many bottlenecks so far. At present, 40 knowledge-based companies with large turnovers are listed on the stock market, Elyasi explained.

EF/MA