Iran First VP: Foreign investors to receive $6 billion from Iran’s national development fund
Azerbaijan, Baku, Jul.8/ Trend F.Milad/
Iran's National Development Fund will provide up to $6 billion loan as incentives to foreign investors, said First Vice President Mohammad-Reza Rahimi.
"Twenty percent of the National Development Fund's assets, which is totaled more than $30 billion, will be allocated to foreign investors," he added, the IRNA News Agency reported.
President Mahmoud Ahmadinejad has said that the National Development Fund's assets would hit $55 billion by the end of the current calendar year.
At least 20 percent of the fund's credits will be allocated to promoting foreign investment, according to Iran's Finance and Economic Affairs Minister Shamseddin Hosseini.
According to the Fifth Five-Year Development Plan (2010-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.
Iran transfers 20 percent of oil revenues to National Development Fund.
Iran attracted $4.15 billion foreign direct investment in 2011, according to UNCTAD report, published on July 6.
Iran ranks 17th on the list of the world's major economic powers based on the statistics released by the International Monetary Fund (IMF).
A report by the IMF says Iran's economy has improved in terms of its Gross Domestic Product (GDP) and currently stands higher than Australia, Argentina, Saudi Arabia and Poland, IRNA reported.
The report added that the Islamic Republic's GDP in 2011 stood at $930 billion, higher than that of Australia which stood at $918 billion.