Iranian first vice president rejects previous data about National Development Fund assets

Azerbaijan, Baku, Oct.21/ Trend F.Karimov/

Iranian first vice president Es'haq Jahangiri has rejected previous data about the National Development Fund's assets, saying that the fund holds just $32 billion, the Mehr News Agency reported.

The previously announced figures say that the fund has held over $50 billion, but the figures are not genuine. It holds just about $32 billion, he explained.

On October 7, the Fars News Agency quoted the ex-director of the fund, Mohammadreza Farzin, as saying that the fund's assets amount to $54.6 billion.

The National Development Fund of Iran has provided $23.6 billion for implementing 376 projects in the country so far.

To date, $10 billion has been allocated to oil projects, $3.4 billion allocated to petrochemical projects, $2.4 billion to power plant projects and $1 billion has been allocated to cement projects, he added.

The NDF ranks 20th in terms of assets among the world's national development funds, he said, adding that the fund's assets amounted to $54.6 billion.

In the Iranian calendar year 1390 (March 2011-March 2012), 10 per cent of the fund's assets was allocated to the agriculture sector. In 1391 and 1392, the figure rose to 20 per cent, he noted.

On Sunday, Safdar Hosseini was appointed the new director of the NDF. Hosseini replaced Mohammadreza Farzin.

In September, the NDF deputy director said that NDF assets will increase by over $8 billion in the current Iranian calendar year to reach $61 billion. Qasem Hosseini said the figure represents the worst case scenario.

If the projected oil revenues are earned, the fund's assets will hit $61 billion by the end of the year, Hosseini said.

The current Iranian calendar year began on March 21, 2013.

NDF assets amounted to $49.9 billion in the past Iranian calendar year, he said.

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

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