Economy, Business And Markets

$3b Deposited Into NDFI in Q1

$3b Deposited Into NDFI in Q1$3b Deposited Into NDFI in Q1

About $3 billion were deposited into the Development Fund of Iran from oil and gas resources in the first quarter of the current fiscal year (started March 21), chairman of the fund’s board of directors said. “NDFI is not allowed to make direct investments in economic sectors; rather it needs to use agent banks to distribute its resources to eligible national projects,” Mehr News Agency also quoted Ahmad Doust-Hosseini as saying. Iran’s sovereign wealth fund was created in the 2000s to save oil revenues to develop Iran and invest overseas for future generations. Mohammad Hosseini, who represents the parliament on the NDFI board, said in June that the fund had $91 billion in reserves. President Hassan Rouhani said in the same month that his government had deposited $40 billion into the fund since he took office in August 2013.

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