Wednesday, May 3, 2023
The National Development Fund of Iran's new strategy to take part in projects over 100 million dollars for investment The National Development Fund of Iran's new strategy to take part in projects over 100 million dollars for investment
By kangarloo-a @ 2:14 PM :: 129 Views :: 0 Comments :: Article Rating :: News

According to the National Development Fund’s PR repot, Executive board member and banking and credit deputy for the National Development Fund Alireza Mirmohammad Sadeghi by emphasizing the Fund's chief mission of turning a part of the gains resulting from selling oil, gas, and gas condensates into lasting wealth and profit-making investments and also keeping the posterity's share of oil resources, said, "These resources should be available to the National Development Fund invested and turn into lasting and productive wealth, and based on the statute's provisions, the National Development Fund can act to supply the funds for economic projects or participate in sizable economic projects."

The executive board member specified, "About 63 percent of this amount, that is over 22.7 billion dollars, is allocated to the gas and oil industry, of which 11 billion dollars is for the upstream sector, 9 billion dollars for gas, and 2.7 billion dollars for the petrochemical sector," expressing that the National Development fund has invested near to 35.7 billion dollars in different industries from 1391 HS (2012) to this day.

 

The physical development of petrochemical projects in alarming condition

"The 2.7 billion dollars invested in the petrochemical industry is allocated to 10 projects, of which Ilam Petrochemical is the only one advancing 100 percent and others either in progress or under operation, to the extent that some of these projects, for different reasons, are in alarming conditions and improve only 1 or 2 percent in a month," he added.

Mirmohammad Sadeghi added by pointing to the provincial and banking monitoring system for the projects, "The financial and technical capacity of people applying for receiving facilities is so important to us, in a way that the person must have the sufficient technical knowledge and, in case of limits, be able to accomplish the project.

The banking and credit deputy for the National Development Fund continued, "Our priority is to invest in refineries that are capable of producing products with added value; or the ones that have production lines for other products, complementing the chain, so completing the chain for the petrochemical sector; or lead to the development of infrastructure like wharves and ships; or supply water and electricity for the industry.

"The Fund's new strategy is to invest in projects over 100 million dollars and finance projects below 100 million dollars," he added, expressing that investment in projects over 100 million dollars is one of the National Development Fund's goals