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Iran: National Development Fund ready to allocate $1.3b for buying planes

Source: Tehran Times, Tehran

The National Development Fund (NDF) of Iran is ready to earmark $1.3 billion for buying planes in the current calendar year, the NDF's managing director said.

Mohammad-Reza Farzin added that the fund has inked agreements, worth around $22.6 billion, with the banking sector. Some 78 percent of the fund's assets have been allocated to the industry and mine sector, aiming to create 23,000 jobs.

Last year, $28.573 billion out of selling crude oil was deposited to the fund, he said, the Mehr News Agency reported.

Ten percent of Iran's National Development Fund will be allocated for supporting the domestic production sector, the industry, mine and trade minister announced on May 15.

Mehdi Ghazanfari told the IRNA News Agency that three percent of assets of specialized industry and agriculture banks will be also paid to boost the production sector.

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

At least 20 percent of the fund's credits will be allocated to promoting foreign investment, according to Iran's Finance and Economic Affairs Minister Shamseddin Hosseini.

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 generation. Iran transfers 20 percent of oil revenues to National Development Fund.

... Payvand News - 06/20/12 ... --

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