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NDFI Invests $2.7 Billion in Petchem Projects

NDFI Invests $2.7 Billion in Petchem Projects
(Wednesday, May 3, 2023) 00:12

TEHRAN (NIPNA) -- Seyed Alireza Mir Mohammad Sadeghi, the member of the board of directors and vice president of banking and credit of the National Development Fund of Iran (NDFI), stated that 63% of the fund's resources have been invested in the oil industry.

During the investment and development panel at the IPF International Conference on Tuesday, he went on to say that out of the $22.7 billion invested in the oil industry, $2.7 billion has been allocated to the petrochemical industry in ten different projects.

Mir Mohammad Sadeghi stressed the importance of investing in productive projects and said that since the beginning of 2019, $35.7 billion has been invested in all major industries in the country, with $22.7 billion allocated to the oil, gas, refining, and petrochemical industries.

He also noted that the National Development Fund has attracted $700 million from the resources allocated to petrochemical projects. To be considered for funding, petrochemical industries must meet certain requirements, such as having qualifications, minimal physical development, and feed stability.

Mir Mohammad Sadeghi emphasized that the priority for allocating facilities in the National Development Fund is for value-creating projects and value chain development.

He further stated that Iran has invested more than $26 billion in the country's industries from the National Development Fund from 1998 to 2021, and $8.5 billion is forecasted to be invested in industrial projects by the end of the 7th development plan, while $20 billion will be invested in the 8th development plan.

National Development Fund is a sovereign wealth fund established to invest oil and gas revenues for future generations and reduce the country's dependence on oil revenues. It is one of the largest sovereign wealth funds in the world, with assets estimated at $97 billion in 2020.

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