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Strategy & Objectives
In 2012, the National Development Fund of Iran executed contracts with different financial institutions including the Bank of Industry and Mine, the Sepah Bank, and the Exports Development Bank to allocate US$ 9 billion to industry and mine, energy, cooperatives and agriculture. In addition, the government of Iran has allocated US$ 14 billion from the NDFI to oil projects in Iran.
The National Development Fund of Iran was established based on Article 84 of the Fifth Economic, Social and Cultural Development Plan of the Islamic Republic of Iran. The assets of the NDFI are owned by the country. The fund is governed by a board of trustees. Investment decisions are managed by a managing board. The fund is not part of Iran’s Ministry of Finance.
The National Development Fund of Iran (NDFI) allocates a portion of revenue earned from oil, gas, gas condensate and oil products to invest in country productivity, overseas investments, and create economic incentives for private economy development. The NDFI also aims to preserve the share of oil and gas resources and products for future generations.
Background on National Development Fund of Iran
In 2011, Iran created a new sovereign wealth fund called the National Development Fund of Iran. It replaced Iran’s oil stabilization fund. The original fund (OSF) was created to invest Iran’s oil revenues and act as a stabilizer against fluctuating oil revenues.