\n File photo shows a sign of the National Development Fund of Iran in its headquarters in the capital Tehran.
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Iran\u2019s sovereign wealth fund says it controls $195 billion in assets, including investments in large scale energy projects.<\/p>\n
The CEO of the National Development Fund of Iran (NDFI) said on Saturday that the fund is the 13th largest sovereign wealth fund in the world by asset size.<\/p>\n
Mehdi Ghazanfari made the remarks at a press conference marking the 15th anniversary of the NDFI\u2019s establishment.<\/p>\n
Ghazanfari said the NDFI has issued around $42.2 billion in loans since its creation, adding that approximately $12.1 billion has been repaid while another $9.1 billion has not yet reached maturity.<\/p>\n
He said mature loans owed to the NDFI total $21 billion, noting that the National Iranian Oil Company (NIOC) is the fund\u2019s largest debtor with $17 billion in unpaid loans, followed by the Iranian power plants with $2.1 billion.<\/p>\n
A member of the NDFI\u2019s board of directors said the fund has also committed nearly $5 billion to investments in Iran\u2019s renewable energy sector, including solar and wind projects.<\/p>\n
Alaeddin Mirmohammad Sadeghi added that the NDFI has approved $2.5 billion in investment for a large\u00a0development project in the Azadegan oil field, located near the Iraqi border and connected to a major cross border reservoir.<\/p>\n
Before the establishment of the NDFI in 2011, Iran deposited surplus oil export revenues into a government controlled account.<\/p>\n
The sovereign wealth fund is now overseen by a board of directors and may issue emergency loans with the approval of the Leader of the Islamic Revolution\u00a0Ayatollah Seyyed Ali Khamenei.<\/p>\n
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