Volume. 11877

Iran to use NDF assets to revamp aviation fleet
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TEHRAN – Iran will use five percent of the National Development Fund’s assets in order to revamp its national aviation fleet, the Iranian deputy transport and urban development minister said.
Referring to the fact that the national aviation fleet is aged, Ali-Mohammad Nourian said that the domestic airlines can use the fund’s facilities to import planes of below ten years of age, the Fars News Agency reported.
Earlier this month, Nourian said that Iran may buy new airplanes and refurbish its aviation fleet since international sanctions against the country’s aviation industry have been partly lifted.
The sanctions had made many problems for us in procuring spare parts and components for the aviation industry, he said, adding that the required parts were imported from indirect sources at higher costs.
On November 24, Iran and six world powers reached a breakthrough deal in Geneva on Tehran’s nuclear program. 
Based on the deal deals in Geneva, the P5+1 has pledged to not impose additional sanctions against Iran during the next six months and would suspend some existing sanctions.
In October, Iranian First Vice President Es’haq Jahangiri said that assets of the NDF amount to $32 billion.
Iran needs at least $1 billion annually to renew its ageing aviation fleet, according to the director of the Civil Aviation Organization of Iran.
Alireza Jahangirian added that 30 airplanes with less than 10 years of age should be added to the national fleet per year. This issue requires more than $1 billion investment annually, he said.
Currently, the national aviation fleet is equipped with 240 planes, he noted.

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