The National Development Fund of Iran will allocate 40,000 billion rials (more than $1 billion at current market exchange rate) to boost production and exports in the current Iranian year (March 2016-17), says the fund’s deputy head Mohammad Qasem Hosseini. The sovereign wealth fund was created in 2011 to use part of surplus revenues from crude oil sales for investing in long-term projects. According to Hosseini, the NDFI has now close to $80 billion of assets.
