Some $40 billion in Iran’s National Development Fund
Azerbaijan, Baku, Aug.8/ Trend F.Milad/
The National Development Fund (NDF) of Iran has some $40 billion in cash, the NDF managing director Mohammad-Reza Farzin announced on Tuesday, Fars reported.
Farzin added that $11.5 billion of the sum has been allocated for supporting the private sector.
Over $500 million will be also paid to help promote tourism, he noted.
President Mahmoud Ahmadinejad has said that the National Development Fund's assets would hit $55 billion by the end of the current calendar year (March 20, 2013).
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 National Development Fund.