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Some $64.8 billion in Iran’s national development fund

Business Materials 17 August 2014 11:55 (UTC +04:00)

Baku, Azerbaijan, Aug.17

By Fatih Karimov - Trend:

Assets of Iran's national development fund (NDF) by June 21 are valued at $64.8 billion, Iran's Mehr news agency quoted Safdar Hosseini, the chairman of the board of directors of the NDF, as saying on August 17.

The NDF is Iran's sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund.

Based on Article 84 of the Fifth Five-year Socio-Economic Development Plan (2011-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.

The deputy director general of NDF said on May 2 that the current administration has not taken any money from the fund.

"Taking money out of the NDF needs the parliament's approval," Qasem Hosseini said, adding that so far the parliament has not approved anything like that.

"The NDF's reserves were around $54 billion when president Hassan Rouhani took the office last August," he added.

Some 23 percent of the revenues from the mentioned sources went into the NDF in 2013. This share will reach 32 percent by the end of 2016.

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