Iran’s National Development Fund (NDF) has allocated $32.7 billion to the implementation of development projects in eight sectors, the IRNA news agency reported on Wednesday.
The NDF has earmarked about $10 billion for the implementation of oil and gas projects, $6.2 billion for construction of refineries and development of petrochemical sector, $5.4 billion for implementation of water projects and $3.3 billion for construction of power plants.
The fund has also allocated $3.2 billion to development of steel industry, $2.6 billion to implementation of rail projects, $1 billion to implementation of water treatment and transmission projects and development of agriculture sector, and $1 billion to implementation of industrial and mining, tourism and water management projects.
Iran's National Development Fund was set up in 2011 to collect some of the proceeds from the country's oil and gas industries for the benefit of future generations. The NDF is set to invest the country’s oil revenues and act as stabilizer against fluctuating oil revenues.
NDF is mandated with transforming a portion of the revenues from export of oil, gas, gas condensates and oil products to sustainable wealth and productive investments, as well as saving the share of future generations from these resources.