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Cash Is King: Over $42.8b in Iran's National Development Fund

Source: Mehr News Agency

The National Development Fund (NDF) of Iran has over $42.8 billion in cash, the NDF managing director announced on Sunday. Iran transfers 20 percent of its oil revenues to National Development Fund.

Mohammad-Reza Farzin added that $11.5 billion of the sum had been allocated for supporting the private sector, according to the Fars News Agency.

Over $500 million will be also paid to support tourism, he noted.

President Mahmoud Ahmadinejad has said that the National Development Fund's assets would hit $55 billion by the end of the current year.

According to the Fifth Five-Year Development Plan (2010-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generations.

... Payvand News - 12/03/12 ... --

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