On Sunday, the National Development Fund of Iran (NDFI) and the Ministry of Science and Technology (MSRT) entered into a memorandum of understanding, outlining a commitment to allocate $115 million for the development of artificial intelligence (AI) projects within the country’s academic and research institutions.
Under this agreement, the NDFI will provide a financial grant of approximately 12.5 trillion Iranian rials (equivalent to over $15.6 million USD) to support AI initiatives at universities and privately-owned research centers. This funding is intended to facilitate the commercialization of AI technologies within Iran. Additionally, the NDFI has announced a provision of $100 million in loans to AI projects, with the Ministry of Science and Technology overseeing the implementation and monitoring of these initiatives.
This financial allocation not only provides direct funding but also grants the NDFI exemption from any previously identified tax liabilities. The NDFI is an independent organization that is responsible for converting approximately one-third of Iran’s oil revenue into productive investments aimed at future economic development.
Hossein Simayy Sarraf, the Minister of Science of Iran, highlighted the critical importance of this funding, remarking that it is essential for Iranian academic and research institutions to remain competitive with global advancements in AI. He emphasized that AI has become an integral part of modern technology and that major countries worldwide have invested heavily in this field. Iran, in turn, aims to significantly increase its investment in AI, having recently launched several projects to promote AI integration in government agencies and private companies.
Earlier this week, Sattar Hashemi, the Minister of Telecommunications of Iran, announced the country’s intention to collaborate with international leaders in AI, such as South Korea, with the goal of enhancing Iran’s infrastructure and transferring advanced technology and equipment for AI initiatives.