National Development Fund of Iran
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| Industry | Sovereign wealth fund |
|---|---|
| Founded | 2011 |
| Headquarters | Tehran, Iran |
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Key people
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Ahmad Dost Hosseini (CEO) |
| Total assets | $64.8 billion (June 2014) $35 billion USD (March 2012) |
| Website | www.ndf.ir |
The National Development Fund of Iran (NDFI) (Persian: صندوق توسعه ملی) is Iran's sovereign wealth fund. It was founded in 2011 to supplement the Oil Stabilization Fund. NDFI is independent of the government's budget. Based on Article 84 of the Fifth Five-year Socio-Economic Development Plan (2010–2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation. It is a member of the International Forum of Sovereign Wealth Funds and therefore is signed up to the Santiago Principles on best practice in managing sovereign wealth funds.
Accordingly, 20% of oil income is to be transferred to the National Development Fund and this percentage increase 3% annually until the end of Fifth Five-year Socio-Economic Development Plan. The new fund is to extend 50% of its financial facilities to private, cooperative and non-governmental sectors and 20% to promote foreign investment (inward and outward). The remaining 30% is invested (in capital markets) abroad.
NDFI's reserves stood at $24.4 billion in 2011 and $35 billion in 2012. It is foreseen that the Development Fund will reach $55 billion by March 2013 and $61 billion by March 2014.
The National Development Fund of Iran (NDFI) aims to turn some of the country’s revenue earned by selling oil, gas, gas condensate and oil products to durable wealth, productivity, economic incentive and capital. The NDFI also aims to preserve the share of oil and gas resources and products for future.
The Articles of Association of the National Development Fund of Iran, under the directives of the Leader of the Islamic Revolution and ratification of the Parliament, has been incorporated in the Fifth Development Plan Law of the Islamic Republic of Iran. According to the Articles of Association, the Managing Board is the executive pillar of the NDFI whose main responsibility is to conclude agency agreements with the banks. The NDFI has, so far, concluded several agency agreements with different banks for supporting investment in the private Sector.
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