Economy, Business And Markets

NDFI to Focus on Domestic Production

NDFI to Focus on Domestic Production  NDFI to Focus on Domestic Production

The board of trustees of the National Development Fund of Iran (NDFI), headed by President Hassan Rouhani, met on Saturday to decide for important plans and priorities of the upcoming year, starting March 21.

According to the public affairs department of the presidential office, the board agreed that the fund’s resources should be distributed within the sectors which support and promote domestic manufacturing, news website BINA reported.

Also, the members were of the opinion that the high interest rates on loans provided to industrial and agricultural sectors as well as knowledge-based companies need to be corrected.

Director of the NDFI, Safdar Hosseini, delivered a report on the current situation of the fund.

Iran’s sovereign wealth fund financed 3,120 projects worth over $3.1 billion in the year ending in March 21, 2014. The fund also opened $2.5 billion worth of letters of credit during the year, bringing the total value of LCs ever opened by the fund to 10.5 billion.

During the meeting, the minimum expected return for the fund’s resources, in form of foreign exchange and rial deposits, plans of optimum priority, and certain conditions for providing foreign exchange loans were ratified.