Economy, Business And Markets

NDFI Not Responsible for Granting Loans

NDFI Not Responsible for Granting LoansNDFI Not Responsible for Granting Loans

The National Development Fund of Iran has no responsibility to grant loans for development projects, said the deputy of the fund at a conference that was held in the central city of Isfahan to introduce the investment opportunities of the province in the field of tourism. “It is the duty of commercial banks, and not NDFI to award loans,” Mohammad Ghasem Hosseini said, adding that no sovereign wealth fund in the world is required to do so. However, due to certain conditions of the economy, Ghasemi said that the fund is temporarily tasked with financing several oil projects, which were originally set to be financed by China but that country failed to do so. NDFI -- Iran’s sovereign wealth fund-- was founded in 2011 in a bid to transform oil and gas revenues to productive investment for future generations.