Iran’s agriculture sector can use up to 20 percent of national fund

Iran Materials 2 December 2011 18:04 (UTC +04:00)

Azerbaijan, Baku, Dec. 2 / Trend M. Moezzi/

Iran's agriculture sector can use up to 20 percent of the National Development Fund, a managing director of the fund told Mehr news.

The agriculture, private and cooperative sector can draw from the fund, Mohammad Ghasem Hosseini said.

According to the 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 investments 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 promote 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 said earlier. There will be no problem in issuing the funds if the foreign investors decide to act as partners Qorbani said.