The managing director of Iran ’s National Development Fund has sealed an agency agreement of two billion dollars with Bank Melli.
 
According to the INDF Public Relations Department, it is the ninth agency agreement the INDF has signed with Iranian banks.
 
Dr. Mohammad Reza Farzin said the two-billion-dollar contract will be used to finance priority projects such as in the areas of cement, power plant, petrochemical industries and constructing refineries.
 
Speaking to reporters, Farzin said INDF funds will reach 50 billion dollars by the end of this Iranian year (March 21).  
 
He added that the Fund will soon sign agency agreements with the Pasargad Bank and Tejarat Bank.  
 
Farzin said more than 5,3 billion dollars and 2.9 billion rials have been paid to agent banks to support national development projects.
 
“Some 1.3 billion dollars will be allocated to renovate the aviation fleet of the country. The fund will be invested through the Ministry of Defense, the Civil Aviation Organization and the private sector”.
 
The INDF managing director further said projects in the agro sector and mines and industries will be also prioritized in the current Iranian year.