Iran’s National Development Fund allots $2 billion to cooperative sector
Azerbaijan, Baku , Oct.8/ Trend G.Mehdi/
The National Development Fund (NDF) of Iran will earmark $2 billion for supporting the cooperative sector, the secretary general of the Iranian Chamber of Cooperatives stated.
The Cooperatives' Development Bank has signed an agreement with the Ministry of Industry, Mine, and Trade in this regard, Dariush Pak-Ayeen told the IRNA News Agency.
The NDF has allocated $3 billion worth of its assets to pay facilities in loans to the agriculture and industry sectors, the NDF's deputy manager said on September 13.
Mohammad-Qasem Hosseini added that the sum will be turned into rials to finance domestic projects in industry, mine, water, and agriculture projects, the Fars News Agency reported.
On May 15, the industry, mine and trade minister said that 10 per cent of the NDF's assets will be allocated for supporting the domestic production sector.
Mehdi Ghazanfari told the IRNA News Agency that three per cent of assets of specialised industry and agriculture banks will be also be paid to boost the production sector.
According to the current year's budget law, 10 per cent of the NDF's assets should be turned into rials and be invested in the agriculture sector and 10 per cent in the industry sector