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Q&A with Dr. Mohammad Reza Farzin, Chairman of the Managing Board of National Development Fund of Iran

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Mohammad Reza Farin

This interview will appear in the 4Q Y2012 (Jan 2013) issue of the Sovereign Wealth Quarterly.

This is a Q&A with Dr. Mohammad Reza Farzin, Chairman of the Managing Board of National Development Fund of Iran.

Dr. Mohammad Reza Farzin was appointed as the Chairman of the Board of Executive Directors at the end of May 2012 by the NDFI’s Board of Trustee.

1. What was the genesis of creating the National Development Fund of Iran?

The NDFI can be traced back to the Third Development Plan (2000) when a Foreign Currency Reserve Account (known as Oil Stabilization Fund) was established to stabilize the annual budget and prevent the oil shocks doing harm to the economy. The other objective of OSF was to save a portion of oil revenues for future generations through making productive investments. Given the failure of OSF, it was in the Fifth Development Plan (2011) that NDFI was formed to transform a portion of oil revenues to productive investments and the OSF remained in place only with the single task of keeping the annual budget balanced.

NDFI is mandated with transforming the revenues of export of oil, gas, gas condensates and oil products to sustainable and productive economic wealth and investments, as well as saving the share of future generations from these resources.

The General policies of establishment of NDFI were notified by the Supreme Leader.

2. What are some notable achievements of the National Development Fund of Iran since its establishment in 2011?

Since inception in 2011, the resources accumulated in NDF amount to $42 billion. The by-laws and regulations executed and approved, the structure of NDFI is being modified and some highly-educated and experienced people have joined the Fund. A portion of resource has been allocated to the identified domestic sectors, and a portion is frozen for specific projects. Contracts with 12 banks entered into to act as correspondent and agent intermediaries. Our staff is participating in international forums and workshops and we are expanding our net of communications and relations.

3. Will the National Development Fund of Iran invest internationally? If so, are their certain asset classes or geographic markets of interest?[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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State Street to Buy Charles River Systems

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State Street Corporation inked a deal to acquire Charles River Systems, Inc. (Charles River Development), a provider of investment management front office tools and solutions. Under the terms of the agreement, State Street will purchase Burlington, Massachusetts-based Charles River Development in an all-cash transaction for US$ 2.6 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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FINMA Announces Rothschild Bank Broke Anti-Money Laundering Rules over 1MDB Fiasco

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The Rothschild Bank AG and one of its units called Rothschild Trust (Schweiz) AG got slapped with serious violations of anti-money laundering in regard to the 1MDB scandal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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