Iran gov’t invests $225m in innovation fund

Financial Tribune – The Iranian government has agreed to invest 26 trillion rials ($225 million) in Iran National Innovation Fund to support knowledge-based companies and startups.

INIF invests in startups and knowledge-based companies and acts in line with the Iranian government’s agenda of curbing reliance on oil reliance and boosting digital economy.

During a gathering of tech officials and industrial units in Tehran on Tuesday, Iran’s Presidential Chief of Staff Mahmoud Vaezi told ISNA that INIF will help distribute state support among talented tech companies.

“The Iranian economy has been overly reliant on the sale of natural resources like metals and oil. These resources are finite. It would be wise to invest in human resources and tech companies. Younger generations’ innovative ideas and smart solutions can create wealth and boost Iran’s economy,” he said.