Iran to finance production sector through NDF, oil revenues

Iran Materials 19 September 2012 14:30 (UTC +04:00)

Azerbaijan, Baku, Sep.19/ Trend F.Milad/

The Iranian government and parliament have agreed to finance production sector projects using the revenues of the National Development Fund (NDF) and oil exports, the IRNA news agency reported.

The NDF has allocated $3 billion worth of its assets to pay facilities in loans to the agriculture and industry sectors, the NDF's deputy manager said on September 13.

Mohammad-Qasem Hosseini added that the sum will be turned into rials to finance domestic projects in industry, mine, water, and agriculture projects, the Fars news agency reported.

On May 15, the industry, mine and trade minister said that ten per cent of the NDF's assets will be allocated for supporting the domestic production sector.

Mehdi Ghazanfari told the IRNA news agency that three per cent of assets of specialised industry and agriculture banks will be also paid to boost the production sector.

According to the current year's budget law, 10 per cent of the NDF's assets should be turned into rials and be invested in the agriculture sector and 10 per cent in the industrial sector