Report: Iran’s National Development Fund holds $18.1 billion

Business Materials 26 October 2013 13:55 (UTC +04:00)

Azerbaijan, Baku, Oct.26/ Trend F.Karimov/

The Board of Directors of the National Development Fund of Iran has declared that the fund holds $18.1 billion, while on October 21, Iranian first vice president Es'haq Jahangiri said that the fund holds $32 billion, the Mehr News Agency reported.

The previously announced figures indicate that the fund 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.

To date, the National Development Fund of Iran has provided $23.6 billion for implementing 376 projects in the country.

To date, $10 billion has been allocated to oil projects, $3.4 billion to petrochemical projects, $2.4 billion to power plant projects, and $1 billion 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 amount 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 new director of the NDF and replaced Mohammadreza Farzin.

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

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.

The 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.