Possibility of National Development Fund to Make Investment in Appropriate Economic Projects of Islamic Countries
- 26 August 2012
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In a joint meeting between the chairman and executive directors of NDF and the ambassadors of Islamic countries, possibility of investment in suitable economic projects in Islamic countries underscored.
Dr. mohammad Reza Farzin, chairman of NDF, talking on the philosophy of formation of NDF, according to the directives of the supreme leader and joint efforts of the government and the parliament, said:
National Development Fund of Iran was founded to realize the objectives of the fifth Development plan.
He added: the main goal of establishing NDF, as a sovereign fund, is to reduce dependence on oil revenues and making investments in various sectors in order to reserve the future generation’s oil share.
Farzin said: Based on the law, NDF only finances projects in which the government, managerial power falls below 20%, which indicates supporting the private sector.
He added: the objective of NDF is not merely investments in Iran, but it is trying to carry out economic activities abroad, particularly in Islamic countries, and is seeking appropriate investment opportunities in foreign capital markets.
He added: a main priority of NDF is making investments in oil, gas, petrochemical and oil products in order to export value-added oil products, that’s why making investment in petrochemical plants and refineries is a matter of importance.
The other priorities of NDF are power plant, mine and industry and transportation sectors.
Farzin expressed hope for expansion of economic relations between NDF and other countries through instructive interactions.
Ambassadors and officials of Indonesia, Kirgizstan, Palestine, Tajikistan, Tunisia, Syria, Mali, Turkmenistan, Comor Islands, Lebanon, Congo, Sirloin, Pakistan, Algeria and Arab republic of Egypt, as well as executive directors and managers of the fund, attended the meeting. Salah Zawawi, longest-serving ambassador to Tehran, appreciated the NDF chairman and ED, efforts.
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