Business And Markets

NDFI to Pay $10 Billion in Forex Loans

NDFI to Pay $10 Billion in Forex LoansNDFI to Pay $10 Billion in Forex Loans

The National Development Fund of Iran, the sovereign wealth fund,  plans to lend $10 billion in foreign currency for private sector projects in the current fiscal (March 2019-20). 
The vice president of NDFI, Alireza Saleh, said interest rate for forex loans is 3.5%, which is comparatively lower than rates normally charged by banks in Iran.
Pointing to the rules governing the sovereign wealth fund, Saleh said as per law, 80% of NDFI resources should be used to fund private sector projects with non-governmental public entities allowed to use 20% of the loans. 
He noted that the 30% of annual oil export revenues are allocated to NDFI, which is used to finance the private sector. 


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