SAEDNEWS: Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has allowed the Iranian sovereign wealth fund to use its resources for investment in the country's key energy projects, according to a latest statement by the head of the fund.
Mehdi Ghazanfari, who serves as head of the governing board of the National Development Fund of Iran (NDFI), said on Tuesday that the Leader had given his approval for using NDFI resources for investment in petroleum and electricity projects as part of a decree issued in late June.
Ghazanfari said that NDFI then decided to use the approval to earmark funding for two urgent projects, including a plan to increase Iran’s oil production by 0.25 million barrels per day as well as the construction of 7 gigawatts of new power plants in the country.
He said the Leader had conditioned the investments on the approval of the projects by Iran’s Supreme Economic Council.
The NDFI is independent of the Iranian government's budget and is responsible for transforming nearly a third of Iran’s petroleum export revenues into productive investments for future generations.
However, tapping the Fund for emergency needs requires the approval of the Leader.
Reports in August had suggested that Iran would use NDFI resources for a rapid action plan to increase oil production amid sanctions that restrict the country’s access to foreign investment.
Iran has also introduced plans for a major expansion in its renewable electricity sector as the country faces a rising demand for power in its household and manufacturing sectors.
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