Azerbaijan, Baku, Sept. 16 /Trend T.Konyayeva/
The Iranian National Development Fund's reserves amounted $21 billion as of today, Fund's Deputy Head Gasim Hosseini was quoted as saying by IRNA. This figure is expected to reach $100bln by the end of the Fifth Development Plan (2010-2015).
The Fund's reserves increase by 3 percent each year, Hosseini added.
He said some 20 percent of the Fund's reserves are formed by revenues received from the crude oil and gas condensate sales.
Hosseini said the Fund's reserves are intended to invest in the private sector. "Some 80 percent of the reserves is directed to the private sector and the remained 20 percent - to the government-linked companies," Hosseini said.
Earlier, Governor of Central Bank of Iran Mahmoud Bahmani stated that the National Development Fund is ready to lend $21 billion to industrial units and investors.
In 2005, Iran adopted a 20-year Development Plan that is due to be implemented till 2025. This document is the first long-term strategic plan for the country's development. It consists of the so-called "five-year plans" - medium-term social and economic programs.
President Mahmoud Ahmadinejad submitted the Fifth National Development Plan to the Parliament on Jan.11, 2010.