Iran's NDF allocates $3.8b to private sector

TEHRAN,Nov.1(MNA) — The Managing Director of Iran’s National Development Fund announced that around 3.8 billion dollars of the fund’s assets has been allocated to the private sector. Rahim Qorbani told reporters on Monday that it is projected that the assets of NDF will reach to 30 billion dollars by end of current Iranian calendar year (March 20, 2012). He said the current assets of NDF are more than 23 billion dollars. Based on Article 84 of the Fifth Five-year Socio Economic Development Plan (2011-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation. Accordingly, 20% of oil income is to be transferred to the National Development Fund, and also at least 20 percent of the NDF’s sum should be allocated to promoting foreign investment.