Iran’s National Development Fund assets to reach $30bln

Iran Materials 8 October 2011 13:26 (UTC +04:00)

Azerbaijan, Baku, Oct. 8 /Trend, A.Gurbanova/

Iran's National Development Fund assets will reach $30 billion by the end of the current solar year (started on March 20, 2011) while 32 percent of oil revenues will be deposited to the Fund , Mehr News Agency reported quoting Managing Director of National Development Fund Ghassem Hosseini as saying.

"By the end of current year, the assets of National Development Fund will reach $30 billion which will increase investments in different sectors," he said.

He noted the new plans will disable official sectors to cash in from National Development Fund.

By the end of Fifth Development Plan (2010-2015), a total of 32 percent from oil revenues will be deposited to National Development Fund, he added.

Head of National Development Fund Rahim Qorbani said earlier that currently assets of National Development Fund are $22.848 billion and the private sector can receive $4 billion from the Fund.

A total of 20 percent of the assets of the National Development Fund is planned for assigning to foreign investors. There will be no problem in issuing the funds if the foreign investors decide to act as partners, he added.