Economy, Business And Markets

NDFI to Invest in Specialized Banks

NDFI to Invest in Specialized BanksNDFI to Invest in Specialized Banks

The National Development Fund of Iran (NDFI) can invest 10 percent of its incoming money in specialized banks from now on. The sovereign wealth funds’ reserves can then be paid as foreign currency loans by the commercial banks. The loans will finance the operations of private manufacturers and exporters, cooperatives and firms owned by non-governmental institutions. Lawmakers on Tuesday considered adding clauses to articles 18 and 19 of the announcement of partial amendments to the government’s financial rules. According to a clause added to article 19 of the act, the NDFI is authorized to annually deposit 10 percent of its resources in specialized banks.