Baku, Azerbaijan, Nov. 22
By Umid Niayesh - Trend:
Assets of Iran's National Development Fund (NDF) stand at $70 billion for the time being, Mohammad Qasem Hosseini, deputy head of NDF said, Iran's ISNA news agency reported Nov. 22.
The mentioned figure can be used for creating 700,000 jobs in the country which would lead to economic growth, the official said.
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 money will increasingly be deposited in domestic banks.
Iran transfers 20 percent of its oil revenues to the NDF. The NDF's reserves were around $54 billion when President Hassan Rouhani took the office last August.
Director of the NDF Safdar Hosseini said that over $23.8 billion were allocated to 379 projects in the previous fiscal year (ended on March 21).
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