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while it will also support and continue the business of small knowledge-based companies, accelerators and suppliers of shared workspaces that have been damaged [by the virus outbreak’s impacts]."
Companies eligible for the fund must have a workforce of fewer than 50 people or recorded sales of less than IRR20bn in the last Persian calendar year (ended March 21).
Vahdat added: “The payment period for these facilities will be six months and a ‘breathing space’ will add another six months.”
In further fund financing stages, facilities and support will be provided to large science and technology companies located in science parks, Vahdat also said.
Iran’s industrial production index fell 0.5% in the third quarter of 2018, down from 6.5% y/y in the previous quarter and 5.7% y/y in the first quarter, ​CEIC data showed. Major industrial production includes oil, petrochemical products and automobiles.
4.2​ Inflation 4.2.1​ CPI dynamics
Iran suffers high food inflation, country is ‘scrambling to buy wheat, corn, soybeans to shore up reserves’
Iran’s annual inflation rate for foodstuffs, drinking water, beverages and tobacco products was more than 42% in the 12-month period ending March 20, the Statistical Center of Iran (SCI) said on May 7.
The rate of inflation in the non-food and services categories stood at 31.4%, it added.
The severe depreciation of the Iranian rial (IRR) in the face of US sanctions is driving high inflation rates in Iran.
Also on May 7, Reuters ​reported​ that Iran is scrambling to buy millions of tonnes of wheat, corn and soybeans to shore up its reserves. The news agency quoted Iranian officials and traders as disclosing the situation as a reality despite President Hassan Rouhani’s assertions that the coronavirus (COVID-19) crisis would not endanger food supplies to the Middle Eastern country.
The urgency has reportedly prompted Iran to alter its approach to buying
16​ IRAN Country Report June 2020 www.intellinews.com