Iran’s NDF to assign $1.3 bln to agricultural sector

Business Materials 3 October 2011 16:40 (UTC +04:00)

Azerbaijan, Baku, Oct. 3 /Trend A. Qurbanova/

Iran's National Development Fund (NDF) will assign $1.3 billon to private sector of the country's agriculture, IRNA reported quoting Head of National Development Fund Rahim Qourbani as saying.

"The NDF will assign funds to technical and engineering projects, which will be implemented by investors," he said.

He noted the National Development Fund allocated $2.5 billion to Bank of Industry to finance 184 industrial projects and a total of $1.3 billion to Agriculture Bank to finance the agriculture sector.

The Iranian government launched the National Development Fund to allot 20 percent of oil revenues to private sectors, he added.

According to Article 84 of the Fifth Development Plan (2010-2015), the National Development Fund is established to transform oil and gas revenues into productive investment for future generation.