Iran’s National Development Fund holds $52.029 billion

Business Materials 7 July 2013 15:48 (UTC +04:00)

Azerbaijan, Baku, Jul.7 / Trend F.Karimov/

Assets of the National Development Fund of Iran stands at $52.029 billion, the Mehr News agency reported.

The fund holds foreign currency gained through exporting crude oil, natural gas, gas condensates, and oil products. More precisely, the fund's assets amounted to $52,029,657 by the end of the first quarter of the current Iranian calendar year (June 21).

In April, ISNA quoted NDF board member Mahmoud Dodangeh as saying that 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.