NDFI Gets New Chief

The Board of Trustees at the National Development Fund of Iran–the country’s sovereign wealth fund–appointed Morteza Shahidzadeh to take the institution’s helm after the resignation of its previous president was accepted on Saturday. Shahidzadeh replaces Ahmad Doust-Hosseini who had assumed the fund’s management in the summer of 2016 after its previous chief Seyyed Safdar Hosseini was forced to quit in the wake of a payment scandal.  Shahidzadeh is a seasoned banker who has served as the chief executive of Agriculture Bank and deputy chief executive of the privately-run Eqtesad Novin Bank. The reshuffle comes as the rainy-day kitty faces challenges such as excessive withdrawal of its resources and chronic mismanagement. As per the law, 32% of the country’s oil and gas resources should be deposited at NDFI for future use and key development projects.