Bank Saderat, Iran national fund sign $1 billion contract

Iran Materials 17 May 2012 12:31 (UTC +04:00)

Azerbaijan, Baku, May 15/Trend M. Moezzi

Iran's Bank Saderat has signed a $1 billion agency contract with the National Development Fund to implement new manufacturing and employment projects.

The announcement was made at the contract's signing ceremony, Mehr news agency reports.

"While National Development Fund (NDF) monies were traditionally used as fixed capital for projects, they can be used to purchase raw materials or as working capital too, "said Bank Saderat's Managing Director, Mohammad Reza Pishro.

The bank's agency contract will create new provisions for development and implementing projects, said Mr. Pishro.

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 into productive investments for future generations. At least 20 per cent of the NDF's money should be allocated to promoting foreign investments.