The National Development Fund’s portfolio needs to be diversified
Mehdi Ghazanfari in the farewell ceremony and introduction of banking and credit managers and statistics and planning, praising the secretaries of the series of scientific-specialized conferences and honoring the veteran added: All experts believe that the National Development Fund should have its own portfolio like other national wealth funds Change and enter the investment sector, especially low-risk and high-yield.
He praised the organizers of a series of scientific-specialized meetings of the National Development Fund, which were held virtually in February and March of this year, emphasizing the change of perspective in the National Development Fund, said: “All our efforts are to move the fund in one direction.” Which are intended by the Supreme Leader.
Ghazanfari added: “Satisfaction of the Supreme Leader of the Revolution is our duty and we should seek to increase the effectiveness of the fund in the reform of these missions and plans, and this will be achieved only by diversifying its portfolio, and in this case the National Development Fund to the Wealth Fund.” Will become the national of the future.
Explaining the performance of the National Development Fund in the past tense, while thanking all managers and experts in the past ten years, the Chairman of the Executive Board of the National Development Fund added: Provide funds to the private sector and public non-governmental organizations, which have led to the establishment of hundreds of new industrial and service units. At the same time, unfortunately, despite all the efforts of my colleagues at the fund, the fund’s resources have been deposited in many of these projects. Expert analysis tells us that one of the reasons for the failure of operating banks to properly fulfill their obligations is their low capacity and capital adequacy.
He added: The operating banks have pledged in the available documents that in case of default and refusal of the borrowers, they will immediately pay the installments of the fund on behalf of the customer; But they say they are unable to repay the fund despite receiving a 2% interest rate for accepting such risk. Now suppose that if the fund had lent all its resources in this way, what a dire and failed situation it would be in now. For this reason, experts tell us that this path must be corrected as soon as possible. The more resources and assets of the fund, the greater the distance between these assets and the power of the operating banks, and the process of failure of the fund will be accelerated if the facilities continue.
Ghazanfari stressed the need to change the fund’s approach from a purely “lending” method to a variety of lending, participation and investment methods. Slowly
He added: “Now in more than 100 funds in different countries of the world, the view of national wealth funds is as a private institution and their structure and activities are the same as the private sector.”
The Chairman of the Board of Directors of the National Development Fund added: “The interesting point is that in all countries of the world (from completely capitalist and liberal countries to socialist and quasi-communist countries) the National Wealth Fund is not obliged to provide facilities but has a duty to be careful It is its own assets and it is constantly adding to it. In fact, although the role of funds is development, they do so through partnerships and not through lending.
“The only country that does the opposite is our National Development Fund,” he said. Therefore, it is necessary to correct our behavior based on successes and failures before it is too late.
Ghazanfari pointed out: The root of this difference in behavior is the attitude that some government officials and private activists have towards the fund.
He added: “Some people consider the National Development Fund as” just a bank and they come to us regularly “for cheap facilities. Others call it the Export Guarantee Fund and demand similar duties from the fund. Others blame the National Development Fund for deprivation or the prosperity of agriculture and industry; others blame the fund for infrastructure development, roads, bridges and railways; others call the fund responsible for export development, technical and engineering services, and tourism. Oil and petrochemical officials also believe that all the fund’s resources should be given to them. Of course, everyone is a recipient and no one is ready to return the facility. In fact, they want to make the fund a victim of procrastination and procrastination. They do not consider the fund to have an independent status and identity, they see the fund as a paradigm of their missions, meaning that everyone looks at the fund with suspicion and does not pay attention to its status for the next generation, and the hearing apparently has not existed before.
The Chairman of the Board of Directors of the National Development Fund, while thanking the Supreme Leader for his special view of the Fund, added: “Thank God, the Board of Trustees is aware of the Fund’s problems and we hope to get good approvals from the Board of Trustees.” And the right culture about the fund, followed by the opening of the investment path to revitalize the fund.
In this ceremony, the farewell of the Banking and Credit Manager of the National Development Fund was held and the special services of Mohsen Sirajzadeh were appreciated in this position and Abazar Karimi Rahjerdi was appointed as the head of this management. The Board of Directors and Mohammad Mehdi Bakhshi were also appointed as the Head of Planning and Statistics Management of the National Development Fund.