Iran’s NDF allocates $3 billion to agriculture, industry sectors

Business Materials 29 May 2013 13:18 (UTC +04:00)

Azerbaijan, Baku, May.29/ Trend F.Karimov/

Iran will allocate some $3 billion of the National Development Fund to agriculture and industry sectors in the current Iranian calendar year, which began on March 21, ISNA quoted NDF board member Mahmoud Dodangeh as saying.

The sectors will each be allocated $1.5 billion, he added.

It has been projected that the Fund's assets will be increased by $15 billion in the current year, he noted.

In April, Dodangeh said assets of the NDF may reach $70 billion in the current Iranian calendar year

If projected oil revenues are gained, the fund's assets will hit $70 billion by the end of the year, he noted.

The NDF's assets amounted to $48.5 billion in the past Iranian calendar year, he said, adding that the figure had been predicted to reach $50 billion.

In December 2012, the Mehr News Agency quoted NDF official Ehsan Sharifi as saying that $7.7 billion of the assets has been allocated to 25 oil, gas and petrochemical projects.

The NDF has earmarked $17 billion for implementing different projects in agriculture, industry, and energy sectors, he added.

Iran transfers 20 percent of its oil revenues to the NDF.