TEHRAN, Iran, June.28
Trend:
Iran's National Development Fund has provided $16 billion to finance new plans from its released foreign currency resources that previously blocked in the fund's accounts.
The National Development Fund's recent report indicates around 77 percent of its freed foreign currency resources related to projects that were blocked since the establishment of the fund in 2011 until 2016 but due to some reasons, it was not possible to use the resources, Trend reports citing IRNA.
From the following $16 billion more than $7.2 billion was released in 2019 and 2020 and returned to the cycle of financing and providing advances from the National Development Fund to applicant projects.
The positive effect of this action leads to transparency in the National Development Fund obligations toward applicants and financing new projects.
Canceling blocked inactive plans and reduction of blocked projects that did not have the possibility to use resources would now make it's possible for other applicants to use these resources.
The fund is responsible to provide finance for economic and investment plans by providing banking advances to non-governmental sectors and investment in foreign monetary markets.
The National Development Fund established in 2011 aimed to convert part of oil and gas and oil products revenues to investment and protecting share of next-generation in oil and gas resources.