Assets of Iran’s National Development Fund hit $43 billion

Business Materials 24 December 2012 12:49 (UTC +04:00)

Azerbaijan, Baku, Dec. 24/ Trend G.Mehdi/

Some $43 billion has so far been deposited in the National Development Fund of Iran, the Mehr News Agency quoted deputy NDF's director Ehsan Sharifi as saying.

He added that around $7.7 billion of the assets had been allocated to 25 oil, gas and petrochemical projects.

On December 8, the Mehr News Agency quoted Mahmoud Dodangeh, a board member of the NDF, as saying that NDF has earmarked $17 billion for implementing different projects in the agricultural, industrial and energy sectors.

Over $12 billion of the sum will be invested in the form of U.S. dollars and nearly $5 billion in the form of Iranian rials, most of which will be paid to the agriculture sector, he added.
Dodangeh said the fund will open a credit line worth $10 billion, to finance national petrochemical projects.

The NDF has financed projects in five phases of the South Pars gas field, 28 large petrochemical plans and 13 power plant projects.

Iran transfers 20 per cent of its oil revenues to the NDF.

President Mahmoud Ahmadinejad has said that the NDF's assets would hit $55 billion by the end of the current year which ends on March 20, 2013.