National Development Fund allots 20% of assets to industry, agriculture sectors

TEHRAN,April 17(MNA) – Some 20 percent of assets of the National Development Fund (NDF) will be allocated to industrial and agricultural sectors this year, which began on March 20, a member of Iran’s parliament (Majlis) said. Ali-Asghar Yousefnejad also told that 10 percent of the fund’s assets will be paid to privately-run industrial and mining entities. Iran transfers 20 percent of its oil revenues to National Development Fund. President Mahmoud Ahmadinejad recently said that the fund’s assets would hit $55 billion by the end of this year. At least 20 percent of the fund 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 put oil and gas revenues to productive use for future generations.