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The head of the Innovation and Prosperity Fund has announced plans to issue technology development bonds with special deposits next week. These bonds, authorized by the Central Bank of Iran, will be issued through partner banks to finance technology development and support knowledge-based companies, with a maximum allocation of 150 billion tomans per company.
Asghar Norollahzadeh, head of the Innovation and Prosperity Fund, shared that the fund is moving forward with the issuance of these bonds. The first phase will take place in the coming weeks through designated partner banks.
Funding Technology Development
Norollahzadeh emphasized that all proceeds from the bond issuance will directly fund technology development within Iran. The fund is also working on a similar model for issuance in the capital market to expand financing opportunities.
The Innovation Fund has introduced special facilities for knowledge-based companies and innovative products presented at exhibitions. These facilities aim to accelerate production and development processes. Financial support for each company will be capped at 150 billion tomans.
Strategic Focus Areas
The fund will prioritize products selected based on strategic national indicators. These include reducing reliance on foreign currency, addressing critical social and economic needs, and advancing medical product development.
Norollahzadeh highlighted the fund’s broader goals. These include boosting production capacity, fostering the growth of the knowledge-based economy, and minimizing imports. The ultimate target is to increase the sector’s contribution to the national economy from under 1% to 7%.
