TEHRAN- The Minister of Economic Affairs and Finance emphasized the need for a shift in the approach of the National Development Fund (NDF), stating that the fund must play a more serious role in large-scale and profitable investments, particularly in the upstream oil and gas sector, and allocate its resources in a leveraged manner to projects with foreign currency generation potential.

According to IRNA, from the Ministry of Economy, Seyyed Ali Madanizadeh said on Monday at a ceremony honoring and introducing the new head of the National Development Fund's Board of Trustees, which was attended by Mostafa Pourmohammadi, head of the Planning and Budget Organization. He also expressed appreciation for the performance of Mehdi Ghazanfari, the former head of the fund's Board of Trustees.

Madanizadeh stated: "The actions taken during Dr. Ghazanfari's tenure, particularly in changing the fund's approach and entering into investment in the upstream oil sector, marked a significant shift in the National Development Fund over more than a decade."

He also thanked Dr. Gharibpour for his efforts under the current difficult circumstances and said: "The National Development Fund is at a critical juncture, and it is expected that the new management will vigorously pursue the important missions of this financial institution."

Referring to the country's economic conditions after the war, Madanizadeh added: "The country will soon overcome the current difficult situation, but to be on the path of development, there is no choice but to pay serious attention to investment, especially large-scale economic investments—areas where other financial institutions in the country are unable to enter effectively."

The Economy Minister continued: "One of the most important areas where the National Development Fund can play a role is investment in the upstream oil and gas sector, and this approach can also extend to other foreign currency-generating sectors of the country's economy."

EF/MA