Some $40b in Iran’s National Development Fund

TEHRAN,Aug.10(MNA) - The National Development Fund (NDF) of Iran has some $40 billion in cash, the NDF managing director announced on Tuesday. Mohammad-Reza Farzin added that $11.5 billion of the sum had been allocated for supporting the private sector.. Over $500 million will be also paid to support tourism, he noted. Iranian 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. Iran transfers 20 percent of its oil revenues to National Development Fund.