|Iran’s development fund allocates $14b to oil industry||
TEHRAN - Iran’s National Development Fund (NDF) and Oil Ministry signed an agreement in Tehran on Monday, based on which the NDF will earmark $14 billion of its assets to oil industry projects.
The NDF managing director Mohammad-Reza Farzin and the oil minister Rostam Qasemi signed the agreement, the IRNA News Agency reported.
Over 70 percent of the sum will be spent on the development of oil and gas fields as well as expanding upstream sector of the oil industry, Qasemi said, adding that the rest will be channeled into refining industries.
President Mahmoud Ahmadinejad has said that the National Development Fund’s assets would hit $55 billion by the end of the current calendar year.
At least 20 percent of the fund’s credits 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 transform oil and gas revenues to productive investment for future generation.
Iran transfers 20 percent of oil revenues to National Development Fund.
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