Baku, Azerbaijan, May 3
By Khalid Kazimov - Trend:
The National Development Fund (NDF) of Iran has spent over 50 percent of its resources on the oil and gas development plans, says Mohammad Reza Shojaeddini, the NDF deputy head for domestic investments.
This is while only 20 percent of oil revenues go to the NDF in accordance with the country's budget bill, he added, IRNA news agency reported May 3.
Shojaeddini also said that the investment put in the country's oil and gas projects prevents wasting the national resources.
The NDF is Iran's sovereign wealth fund. It was founded in 2011 to replace the Oil Stabilization Fund.
The mentioned 20 percent of Iran's total oil income is to be transferred to the NDF and the percentage will be increasing 3 percent annually until the end of the country's fifth development plan, according to Iranian laws.