Iran fund has $25 billion for development projects

Iran Materials 30 September 2012 16:38 (UTC +04:00)

Azerbaijan, Baku, Sept. 30/ Trend M. Moezzi

Iran's National Development Fund (NDF) is ready to distribute $25 billion (USD) in foreign exchange facilities to applicants.

Seyyed Mohammad Qasem Hosseini, the NDF's deputy director, told the Islamic Republic News Agency (IRNA) that the Fund can also provide 60 trillion rials (nearly $4.9 billion at current USD rate) to candidates.

Last year the NDF accepted $11 billion in proposals, while in the first half of this solar year (ends on March 20) NDF has paid $15 billion to Keshavarzi Bank.

The Fund has very good resources, both in foreign currency and rials, for developing the country and has worked out a process to back projects in lesser developed areas said Mr. Hosseini. The development fund has designed its payments to encourage smaller, lesser developed provinces to step forward with projects.

Proposals received by the Fund are forwarded to banks for analysis. If a proposal is considered economically justifiable it is funded.

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 percent of the NDF's money should be allocated to promoting foreign investments.