Iran’s National Development Fund directs $17 billion to development projects
Azerbaijan, Baku, Dec.10/ Trend G.Mehdi/
The National Development Fund (NDF) of Iran has earmarked $17 billion for implementing different projects in agriculture, industry, and energy sectors, the Mehr News Agency quoted Mahmoud Dodangeh, a board member of the NDF, as saying.
Over $12 billion of the sum will be invested in US dollars and nearly $5 billion in Iranian rials, most of which will be contributed to the agriculture sector, he added.
On Friday, Dodangeh said that the fund will open a credit line, worth $10 billion, to finance national petrochemical projects.
Up to 20 percent of the NDF's assets has so far been allocated for the development of petrochemical projects, he said, adding that three billion dollars has been spent to build and expand petrochemical units.
The NDF has financed projects in 5 phases of the South Pars gas field, 28 large petrochemical plans, and 13 power plant projects.
On December 3, the NDF managing director Mohammad-Reza Farzin said that the fund has over $42.8 billion in cash.
He told the Fars News Agency that Iran transfers 20 percent of its oil revenues to National Development Fund.
He added that $11.5 billion of the sum was allocated for supporting the private sector.
President Mahmoud Ahmadinejad said that the National Development Fund's assets would hit $55 billion by the end of the current year.
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 generations.