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Iran to withdraw $37 billion from the National Development Fund

Business Materials 20 July 2011 13:26
Iran to withdraw $37 billion from the National Development Fund

Azerbaijan, Baku, July 20 /Trend/

Iranian government has issued $37 billion from the National Development Fund's inventory so far, while according to a statement by Economic Affairs and Finance Minister Shamsaddin Hosseini, this fund's total inventory is $20 billion, Fars News Agency reported.

According to official reports, the government issued a permit to allocate $10 billion from the National Development Fund to the country's industrial sector.

In the meantime, Iranian President Mahmoud Ahmadinejad recently announced the allocation of $7 billion to the housing sector by late September from the Fund.

The Iranian MPs ratified the general budget bill for the current solar year (Started on March 20, 2011) which requires allocating $10 billion to the agricultural sector from the National Development Fund and $2 billion to the transport system.

It's expected that $4 billion will be assigned to foreign investors while the commerce minister recently said that $2 billion from the National Development Fund will be allocated for export.

According to reports, the government approved distributing $2 billion from the National Development Fund for various plans in the country's provinces during the last solar year.

According to article 84 of the Fifth Development Plan (2010-2015) the national development fund was established to direct 20 percent of oil and gas revenues to this Fund.

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