Karafarin Bank Innovation Support Office Established in INIF

Karafarin Bank’s Innovation Support Office officially started work following a ceremony in which Dr. Mohammad Reza Farzin, the managing director of Karafarin Bank and Dr. Ali Vahdat the head of INIF took part.

According to the Public Relations Department of Karafarin Bank, in this ceremony Dr. Mohammad Reza Farzin stated: “Financing knowledge-based companies and startups has been on our agenda from the beginning of the current year. Following signing of an MOU with INIF we shall take advantage of market capital opportunities in favour of supporting knowledge-based companies.” “In its two-year plan starting from 2020-21 until 2021-22, Karafarin Bank shall focus on supporting technological, innovative and high-risk activities. Inauguration of this office in INIF is an effective step towards this end.” He added. “This office which has commenced its operations as of today, is considered to be a gateway that eases and accelerates communications between the Bank and applicants of banking services. This office shall boost its operations in the near future.” He continued. The managing director of Karafarin Bank finally stated: “By offering financial advice, Karafarin Bank is ready to offer a wide range of banking services to knowledge-based companies.”
Dr. Vahdati added: “Financing the innovative sector is not possible solely with the aid of government resources and the support of INIF. Hence, some agreements have been made with the banking sector in providing full support for the big projects of knowledge-based companies.” Having then outlined the activities of INIF during the previous year, he added: “Small companies have been financially supported with the aid of INIF. In addition, the banks have paid close to IRR3 trillion to knowledge-based companies in the past 20 months.”
Having thanked Karafarin Bank for its involvement in the technological sector he continued: “Collaboration between INIF and Karafarin Bank is going to be based on granting loans and issuing L/Cs as well as bonds and the use of the capital market for raising funds for applicant companies.”
It is noteworthy that in a ceremony (on Sunday 19 July) that marks the third round of supporting medium and large companies (especially knowledge-based companies) which have suffered due to the Covid 19 pandemic, an MOU was signed between Karafarin Bank and INIF, following which offering loans with 9% interest rates (this is a favourable rate in Iran) to such companies was placed on the Bank’s agenda.

Publish Date: Oct 1, 2020