Iran National Innovation Fund providing financing for dev't of startups in oil, gas sectors

Oil&Gas Materials 27 June 2022 15:22 (UTC +04:00)

TEHRAN, Iran, June 27. Iran National Innovation Fund (INIF) is providing advances for development of startups and knowledge-based companies in oil and gas sectors, said the deputy in the INIF, Siyavash Malekfar, Trend reports citing IRNA.

"Iran's National Innovation Fund (INIF) and the National Iranian Oil Company (NIOC) signed a deal to provide 20 trillion rials (about $476 million) to development of startups and knowledge-based companies," he said.

The official went on to say that startup companies need more liquidity due to an increase in the inflation rate and Iran National Innovation Fund will support the development of startup companies.