TEHRAN – The assets of the National Development Fund (NDF) of Iran have reached to $22.2 billion, said the Managing Director of the NDF Safdar Hosseini on Thursday.
Hosseini added that since the establishment of NDF in 2011, around $59.8b of oil income has been deposited to the fund, of which, more than $30b loans earmarked to the development projects of private and public sectors.
Based on Iran’s Fifth Five-Year Development Plan, government should deposit more than 30 percent of its annual oil income to the National Development Fund, the Mehr News agency quoted Hosseini as saying.
In October 2013, Iranian First Vice President Es’haq Jahangiri had said that assets of the NDF amount to $32 billion.
Iran’s National Development Fund was set up in 2011 to collect some of the proceeds from the country’s oil and gas industries for the benefit of future generations. The NDF is set to invest the country’s oil revenues and act as stabilizer against fluctuating oil revenues.
NDF is mandated with transforming a portion of the revenues from export of oil, gas, gas condensates and oil products to sustainable wealth and productive investments, as well as saving the share of future generations from these resources. Based on the law, 32% of the hard currency revenues from the above mentioned sources would go to NDF in 2014.