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MRC Castigates Evasion of NDFI Lending Rules

MRC Castigates Misuse of NDFI Resources  MRC Castigates Misuse of NDFI Resources

In a report on the misuse of the National Development Fund of Iran, the Majlis Research Center says a large part of the sovereign wealth fund has been used in sectors outside the purview of the fund. 
According to a report on the MRC website, NDFI resources are allocated to projects via three main venues: loans in foreign currency, loans in rials and deposits with banks in foreign currency and rial. 
Deposits of latter group are granted by lenders, on behalf of the NDFI, to fund development projects in oil, gas, petrochemical, industry and mining sectors.  
Reviewing the performance of the fund since inception in 2011 until the end of the last fiscal year in March 2019, the research wing of the parliament says more than 41% of forex loans have been granted “beyond specific mandates mentioned in the NDFI Articles of Associations.”  

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