The resources of National Development Fund (NDF) have grown by $9 billion in the past four months, said the head of NDF’s Board of Directors. Speaking in a meeting with German Ambassador to Iran Michael Freiherr von Ungern-Sternberg, Safdar Hosseini listed NDF’s new policies as creating regional balance, prioritizing deprived regions over developed ones, preferring medium and large projects over small ones for granting loans, amending policies and moving in line with the Resistance Economy policies, IRNA reported. He said all of the new members of NDF’s Board of Directors have a remarkable international background, which is indicative of the policy of the government and NDF to expand relations with international bodies and enter global markets. Hosseini stressed that NDF pays up to 50 percent of the costs of project to foreign investors in Iran and invited German investors to enter Iranian market. “It is in the interest of Iran and Germany to boost trade ties and invest in each others’ countries using NDF resources,” he said. He also put emphasis on bolstering ties between the two countries’ private sectors. Hosseini said according to the law, NDF is only allowed to grant loans to the cooperatives and private companies.
Sternberg said Germany is willing to help Iran resolve its nuclear issue. Praising the performance of the Iranian negotiating team as “very wise”, he said, “They have attained great achievements.” The German ambassador said the presence of European trade delegation and ministers in Tehran shows that the world has changed its policy toward Iran. He hoped that with the complete removal of Western sanctions against Iran, the two countries will forge broader cooperation. German politicians and businessmen are looking forward to the complete lifting of sanctions to use opportunities for cooperation. “In Germany, businessmen are the ones who sign agreements. The government only introduces them to each other and prepares the ground for their activities,” he said. Sternberg invited Hosseini to take part in NUMOV, the German Near and Middle East Association’s conference slated to be held in Hamburg in June.
NDF is Iran’s sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund. Its reserves stood at $24.4 billion in 2011 and $35 billion in 2012. Based on Article 84 of the Fifth Five-Year Economic Development Plan (2010-15), the fund aims to use surplus oil and gas revenues toward productive investment for the future generation. Accordingly, 20 percent of oil revenues are to be transferred to NDF and this increases by 3 percent annually until the end of the Fifth Plan. The new fund is to extend 50 percent of its financial facilities to private, cooperative and non-governmental sectors and 20 percent to promote foreign investment. Iran Daily