Iran Gov’t Plans to Form New Development Bank

The Economy Minister Ehsan Khandouzi says the government wants to create a “development bank” in the next five-year development plan period. 
In an interview with Fars News Agency, Khandouzi pointed to the absence of “independent institutions” specializing in funding major development projects, reiterating the dire need to fill the gap. 
“Lack of institutions specialized in funding megaprojects is a key issue simply because such institutions are crucial for attracting investment,” he was quoted as saying. 
He proposed the idea of setting up the bank in harmony with the National Development Fund of Iran, noting that the plan is compatible with the mandate of the sovereign fund. 
He pointed to recent changes in the NDFI articles of associations, saying that it paves the way for setting up a special development bank.