Iran’s national development fund to reach $50 billion

TEHRAN,May3(MNA) – The fund that siphons off Iran’s oil revenue for future social investment will reach $50 billion by the end of this year, which ends on March 20, 2013, said Finance and Economic Affairs minister Shamseddin Hosseini. 20 per cent of Iran’s oil revenues each year are deposited into Iran’s National Development Fund. “Last year, the fund’s reserve hit $30 billion. This year, its reserve will be dependent on oil prices,” Hosseini said. Meanwhile, President Mahmoud Ahmadinejad said on April 7 that the country’s sovereign wealth fund could reach $55 billion if oil prices remain high. The National Development Fund was set up by Ahmadinejad’s government last year to collect some of the proceeds from the country’s oil and gas industries for the benefit of future generations. “For the first time in history … (the) government has been able to save a proportion of its oil revenues while previous governments spent all revenues every year,” Ahmadinejad said.