Iranian National Development Fund allocates $48 billion for private sector projects
TEHRAN, Iran, Dec.28
Head of the National Development Fund said that since the establishment of the fund, $48 billion have been provided to private-sector projects, Trend reports citing ILNA.
Referring to the inability of some firms to pay their foreign currency installments due to exchange rate fluctuations, the Morteza Shahidzadeh stated that the fund never provides means to firms with no export-earnings.
“To apply for funds, the applicant firm will pledge to pay installments from their export earnings,” Shahidzadeh added.
“If the firm claims that it has lost its export capability, it can pay the National Development Fund installments through foreign currency at NIMA rate with support of its custodian bank,” the head of the fund said.
"Some companies have delayed their installment payments, the fund has given them two years to make the payment,” Shahidzadeh said referring to the fund's approach to the firms that fail to pay or delay in paying their installments