National Development Fund earmarks $2b for cooperative sector

TEHRAN,Oct.9(MNA) -- The National Development Fund (NDF) of Iran will earmarks $2 billion for supporting the cooperative sector, the secretary general of the Iranian Chamber of Cooperatives stated. The Cooperatives Development Bank has signed an agreement with the Ministry of Industry, Mine, and Trade in this regard, Dariush Pak-Ayeen told. The NDF has allocated $3 billion worth of its assets to pay facilities in loans to the agriculture and industry sectors, the NDF’s deputy manager said on September 13. Mohammad-Qasem Hosseini added that the sum will be turned into rials to finance domestic projects in industry, mine, water, and agriculture projects. On May 15, the industry, mine and trade minister said that ten percent of the NDF’s assets will be allocated for supporting the domestic production sector. Mehdi Ghazanfari told that three percent of assets of specialized industry and agriculture banks will be also paid to boost the production sector. According to the current year’s budget law, 10 percent of the NDF’s assets should be turned into rials and be invested in the agriculture sector and 10 percent in the industry sector.