Business And Markets

Iran President Solicits €2b From Sovereign Wealth Fund

Iran President Solicits €2b From Sovereign Wealth FundIran President Solicits €2b From Sovereign Wealth Fund

A lawmaker said Monday that President Hassan Rouhani has issued a decree to withdraw €2 billion from the National Development Fund of Iran after receiving permission from the Leader Ayatollah Seyyed Ali Khamenei. 
The funds are to be allocated to alleviate the plight of flood-hit residents and help rebuild destroyed infrastructure. 
Fatemeh Zolghadr, a Tehran MP, said assessment reports estimate the flood damages to be as high as 300 trillion rials ($2.2 billion). “The current year’s budget cannot compensate the losses incurred by the destructive flooding. 
Apart from withdrawal from the sovereign wealth fund, other options to help the flood victims rebuild their lives include...


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