TEHRAN, Iran, Mar.14
Trend:
Iran's National Development Fund has signed an agreement with the Secretariat of High Council of Free Trade-Industrial Zones to provide advances of up to $2 billion, said the chairman of the board National Development Fund Saeed Mohammad, Trend reports citing Mehr News Agency.
"The cooperation agreement to provide finances and investment in free economic zones that are ongoing by allocating oil bonds for credit," he said.
The two organizations will collaborate to establish offshore banks in free zones, international stock exchange, and the development of knowledge-based companies.
According to the official, previous governments have withdrawn 60 percent of the fund's resources and the goal is to reform the regulations so the current administration uses the profit to invest instead of withdrawing resources from the fund.