InternationalInternational Economics

The balance of claims of the National Development Fund is 1.5 billion dollars

According to Fars news agency’s economy reporter, Alireza Mir Mohammad Sadeghi, a member of the National Development Fund’s board of directors, announced to reporters today: In the 9 months of this year, we have paid 350 million dollars in foreign currency to 31 projects, and we have also received 275 million dollars for new projects. We have also paid 361 million dollars for other projects. We have paid 33 million dollars in one plan and 7 million dollars in a financial facility plan, and in total this year we have paid 650 million dollars in facilities to different plans.

He said: The payment of the National Development Fund facilities is either in foreign currency or Riyal with the agency of depositing the fund with the banks, which has been paid in the form of foreign currency agency in 316 projects, and the total payments of the fund so far are 31 billion dollars, of which 24.3 billion dollars have been approved in The action has been paid and this has happened during the 11 years of the National Development Fund. Also, foreign currency deposits have been made for the newly announced plans, and we have deposited 46 plans with the banks in the amount of 7 billion dollars.

A member of the executive committee of the National Development Fund said about the overdue installments of the National Development Fund facility: 9.8 billion dollars of installments are overdue. Out of the 248 projects that used the fund resources, 316 projects were done with the agency of banks, the payment of installments of the facilities started in 1999 and will reach its peak next year. So far, 3.5 billion dollars of installments of the fund’s facilities have been collected, of which 5 billion dollars are related to the oil industry, the balance of the fund’s claims is 1.5 billion dollars, which reaches 6 billion dollars including oil and 1.4 billion dollars without oil.

Mir Mohammad Sadeghi also said: Projects that borrow from the National Development Fund have a participation and construction time, breathing time, and installment repayment time. So far, we have extended the fund’s plans 501 times to the number of 201 plans; This means that each plan has been extended 2.5 times.

The member of the executive board of the National Development Fund also said about the National Development Fund’s riyal plans: these plans are carried out with the participation of the operating banks. So far, 70 thousand billion Tomans have been paid to Rial projects, which has been done by converting 10% of the fund’s resources into Rials. Every year, 15 thousand billion tomans of new money is paid to Riyal projects. We deposit these plans with banks every year to provide working capital for production units, and we have supported 100,000 production plans in the country so far.

He announced the conversion of 1.5 billion dollars of fund resources into Rials and the payment of agricultural and rural employment projects and said: 157 projects have been supported in this field and are supervised by the Ministry of Welfare. Also, according to the law, the National Development Fund has allocated 4600 billion Tomans of resources to support the Capital Market Stabilization Fund.

Mir Mohammad Sadeghi pointed out the method of paying mana’i and said: some projects have foreign currency, but the resources for the implementation of the project are Riyal, and a series of projects need foreign currency during construction, which receive foreign currency resources; Therefore, projects whose construction requires Rials, but later they can obtain foreign currency from the place of export of the products, they will be paid Manai facilities, and when repaying, they must either give foreign currency, or repay the equivalent of the central bank rate of the same currency in the form of Rials.

According to the member of the executive board of the National Development Fund; This year, about 4.5 billion dollars of foreign exchange agency contracts were signed with 11 banks, and 10% of these contracts are paid in the form of Manai facilities.

In this ceremony, Hossein Ayazlou, a member of the executive board of the National Development Fund, also said: The formation of the National Development Fund is a progressive idea because countries that have a national wealth fund are resistant to threats. Currently, the sovereign wealth funds of Dubai, Qatar, and Saudi Arabia have more than one trillion dollars in resources.

He also said: It is a misconception that foreign exchange resources are used only inside the country, but these resources should be spent on importing equipment that can create wealth inside the country, and one of the functions of the National Development Fund is to help stabilize the government budget, but it should not be It should become the second treasury of the government and at least 30% of the resources of the National Development Fund should be spent on development, and this fund is considered as an intergenerational wealth, and its statutes also emphasize that 40% of oil and gas revenues should enter this fund.

Ayazlu also said: In the future, joint investments between the National Development Fund and neighboring countries will be invested in things like joint fields.

According to Ayazlou, this year we allocated 500 million Euros for credit for buyers in imports and deposited in banks. Also, the fund’s entry into foreign joint investment has been created.

A member of the executive board of the National Development Fund stated: We must have a dynamic portfolio of strong and dominant currencies so that the fund’s resources are not lost due to sanctions.

He also said: From next year, the accounts of the fund will be independent from the accounts of the Central Bank, and the seller’s credit and financing for Iranian exporters will also be done by the fund. We will form a joint fund with 7 ECO member countries in order to provide the ground for international investments.

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