Expressing his appreciation to Iranian President and members of NDF Board of Trustees for active participation in BoT meeting, Ghazanfari elaborated on the latest resolutions of the fund.
According to a report released by NDF Public Relations Department, “NDF 10-item list of suggestions discussed in BoT meeting was finally approved and in accordance to an important resolution, the Fund was authorized to invest in various fields of domestic and international equities with the aim of increasing the rate of return”, said NDF Chairman Mehdi Ghazanfari.
“Some significant decisions were made during the meeting”, added Ghazanfari in an interview with NDF Public Relations Department. “First, a four-rule set for extension of repayment period of granted loans was approved and the board was authorized to decide and act on received requests in accordance with the approved set of rules”, continued Ghazanfari. Highlighting the importance of close observation and examination on projects by the Fund’s Executive Board, he then added: “NDF Executive Board was assigned to closely inspect and review the requests submitted by banks and loans applicants and decide on repayment period extension in proportionate to projects physical progress, financial status and other environmental and specific conditions”. The Executive Board was also required to legally prosecute the unfinished and abandoned projects, take legal actions on collection of debts, repossess the projects, if required, or participate in projects execution at its discretion. Furthermore, the members agreed to extend loan repayment period for those accomplished and operating projects provided that parts of loan principal and interest are repaid”.
According to NDF Public Relations Department report, the next issue discussed in the meeting was Domestic and International Investment Guidelines, about which Ghazanfari explained, “For the first time, NDF was authorized to pursue investment in different fields of activities including investment in domestic and international monetary and financial markets aimed at increasing the rate of return for the Fund’s financial resources”. “Having discussed the other items of the meeting agenda such as NDF internal budget, approval of financial statements and extension of repayment period for loans paid to the government, the Ministry of Petroleum was also assigned to constantly and regularly provide the Fund with data and reports on oil sale”, stated NDF Chairman of Executive Board Mehdi Ghazanfari