Facilities provided to advanced industries up over 50% in 11 months


The facilities provided by the Advanced Industries Research and Development Fund (AIRDF) of Iran to the country’s advanced industries has increased by 52 percent in the first 11 months of the current Iranian calendar year (March 20, 2019-February 19, 2020) year on year.

Based on the data released by the Industry, Mining and Trade Ministry, AIRDF provided a total of 58 loans worth 491.28 billion rials (about $11 million) to the advanced industries in the mentioned period, compared to the last year’s 323.43 billion rials (about $7.7 million), IRNA reported.

According to the data, 16 of the mentioned facilities, worth 163.75 billion rials (about $3.9 million) was provided to the information and communications technology (ICT) sector, 14 loans, worth 73.45 billion rials (about $1.7 million) were paid to basic industries, automation, and precision instruments, while four facilities were provided for the field of medicine and medical treatment and another four were given to the auto industry.

As of February 19, the mentioned fund has also supported 60 companies and 170 projects through guarantees at the value of 649.240 billion rials (about $15.45 million).
The value of the issued guarantees increases by 25 percent in the mentioned period compared to the figure for the last year’s same time span.

AIRDF holding is a subsidiary of Iran’s industry, mining, and trade ministry.

The industry ministry has been following several programs for promoting domestic production and increasing exports in the current Iranian calendar year.

Coming under seven major axes, the ministry’s programs mainly focus on developing and supporting domestic production in various industrial sectors.