Iranian NDF assets to reach $100b

Iran Materials 24 November 2011 17:30 (UTC +04:00)

Azerbaijan, Baku, Nov. 24 / Trend D.Khatinoglu/

The Iranian National Development Fund's assets will reach $100 billion by 2015, IRNA quoted the Fund's managing director Ghassem Hosseini as saying.

Iran's National Development Fund assets will reach $30 billion by the end of the current solar year (started on March 20, 2011).

Based on Article 84 of the Fifth Five-year Socio Economic Development Plan (2011-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.

Accordingly, 20 percent of oil income is to be transferred to the National Development Fund, and also at least 20 percent of the NDF's sum should be allocated to promoting foreign investment.

A total of 20 percent of the assets of the National Development Fund is planned for assigning to foreign investors, the head of the National Development Fund Rahim Qorbani had said earlier. There will be no problem in issuing the funds if the foreign investors decide to act as partners according to Qorbani.