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INDF allocates 1.3 billion dollars for buying new planes

  • 27 June 2012
  • 12:28
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INDF allocates 1.3 billion dollars for buying new planes
Managing Director of Iran’s National Development Fund says it has set aside 1.3 billion dollars to buy new airplanes for the country’s civil aviation network.
In his first press conference, Dr. Mohammad Reza Farzin, the new head of INDF, said fresh facilities have been supplied for purchasing new planes for the country, according to INDF Public Relations.
Reviewing the performance of INDF during the past three months, Farzin said several agency agreements with the total value of 22.6 billion dollars have been concluded with banks.
He said 8.3 billion dollars in value of such contracts has been frozen, adding equivalent facilities have been paid to investors and applicants.
Farzin said 78 percent of the INDF funds have been decided to be allocated to projects in the fields of mines and industries as the result of which 23,000 new job opportunities will be provided.  
He said 11.7 percent of the INDF funds will be also set aside for the housing and construction sectors, which will create more than 6,000 job opportunities, according to Mehr News Agency.  
The INDF head said 3.7 percent of the funds will be allocated to the transport and 6.4 percent to the agriculture sectors.
“The INDF has now prioritized providing funds for projects which reduce the impacts of the sanctions, in particular in the sectors of mines, industries, agriculture and exports. Also, more economically-viable national projects and those currently being implemented will be given priority when allocating INDF funds.”
Farzin also said the INDF Manual will be amended in order to facilitate the payment of loans by banks to the applicants.
The new chief of the National Development Fund also said a total 28.57 billion dollars of the financial resources of the INDF was supplied by oil revenues last year.
Based on the standing law, 20 percent of the country’s oil and gas revenues should be paid to the National Development Fund of Iran to be used in infrastructure and major development projects.
Farzin denied reports that the government has withdrawn money from the INDF account, saying supervisory bodies such as the State Inspectorate Organization and the State Audit Organization are constantly monitoring the Fund.
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