Baku, Azerbaijan, Oct. 2
By Fatih Karimov – Trend:
Assets of Iran's National Development Fund (NDF) stands at $68 billion, Ahmad Doust Hosseini, the NDF head said Oct. 2.
The fund’s incoming cash has decreased by half as a result of a 50-percent fall in the country’s oil revenues, Doust Hosseini said, Mehr news agency reported.
The NDF assets stood at $68 billion in 2014, which indicates that no cash had been added to the fund since then.
Doust Hosseini further said that the NDF receives 20 percent of the country’s oil revenues averagely.
The NDF is Iran's sovereign wealth fund. It was founded in 2011 to replace the Oil Stabilization Fund. 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 to productive investment for future generations.
Some 23 percent of the revenues from the mentioned sources went into the NDF in 2013. This share was planned to reach 32 percent by the end of 2016, however the government was forced to keep it at 20 percent due to sharp fall in oil revenues.
The NDF's reserves were around $54 billion when President Hassan Rouhani took the office in August 2013.