The National Development Fund of Iran announced the oil company as its biggest debtor

According to Energy Press, the fourth international conference of the National Development Fund titled “The Role of the National Development Fund in the Implementation of the Seventh Plan” was held today at the Center of International Broadcasting Conferences.
Mehdi Ghazanfari – CEO of the National Development Fund – in this conference, referring to the internal functioning of this fund, said: One of our issues in the governance system of the fund is why it was formed? Some of the problems that the fund faced in the last 10 years were caused by our mission. There are stabilization, protection and development funds in the world, and we are a protection and development fund whose goal is to convert part of the income from the sale of oil and gas into lasting wealth and economic generating capital, and anything other than this is wrong.

He stated that the fund’s activities should be focused on its missions, and added: Determining the participation rate in investment projects is one of the duties of the board of trustees of the development fund. Some consider the fund to be alien to the topic of investment, while in our policy, the fund is allowed to enter the discussion of investment. The fund has managed to support 360 foreign exchange projects in terms of foreign exchange agency and deposit and has invested 36 billion dollars in this sector. Also, according to the law, 10% of the fund’s income had to be converted into Rials when related investments were made.

The CEO of the National Development Fund stated: In the 13th government, the performance of the fund in different sectors was 26.8 billion dollars, it is one of the main borrowers of the government. Oil and gas constitute a larger share of the fund’s facilities, followed by refineries and power plants, which are important in terms of currency creation and job creation.

Ghazanfari continued: Regardless of foreign currency agency or foreign currency deposits, out of the total of 36.5 billion dollars of facilities and deposits of the Development Fund, 26 have matured, 8.37 billion dollars have been collected and 17.76 billion dollars are left on the way. This means that about 48% inefficiency is observed in our facilities. This means that if we continue like this, wealth will not last and this made us think about changes in the fund. Of course, the highest collection of demands was in the 13th government.