Azerbaijan, Baku, Jul.3 / Trend F.Milad/
Iranian Oil Minister Rostam Qasemi said that $5 billion will be drawn out of the National Development Fund (NDF) next week to finance oil projects.
He made the remarks on the sidelines of inking an agreement between NDF and Oil Ministry in Tehran on Monday. According to it, the NDF will earmark $14 billion of its assets to oil projects.
Over 70 percent of the sum will be spent on the development of oil and gas fields, as well as expanding upstream sector of the oil industry, Qasemi said, adding that the rest will be directed to refining industry.
Iranian President Mahmoud Ahmadinejad said that the National Development Fund's assets would hit $55 billion by the end of the current calendar year.
At least 20 percent of the fund's credits will be allocated to promote foreign investments, Iran's Finance and Economic Affairs Minister Shamseddin Hosseini said.
According to the Fifth Five-Year Development Plan (2010-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.
Iran transfers 20 percent of oil revenues to the National Development Fund.
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