Iran development fund grows to $28.7 bln
Azerbaijan, Baku, March 4 / Trend M. Moezzi /
Iran's National Development Fund (NDF) has $28.7 billion in assets Fars news agency reports.
So far, the NDF has signed a little more than $14.1 billion in agency contracts with Iranian banks, said Mahmoud Dodangeh, the head of the Fund's public board. The Fund will grow to $30 billion by the end of Iran's year on March 20, he added.
Twenty percent of Iran's oil, gas and gas condensates revenues go to the NDF. Its share of these revenues is slated to increase to 23 percent, meaning an additional $19.5 billion for the Fund, said Mr. Dodangeh.
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 into productive investments for future generations. At least 20 percent of the NDF's money should be allocated to promoting foreign investment