TEHRAN - Mohammadreza Farzin was named the new director of the National Development Fund of Iran. He replaced Rahim Qorbani in the position.

 

The National Development Fund was set up by President Mahmoud Ahmadinejad’s government last year to collect some of the proceeds from the country’s oil and gas industries for the benefit of future generations.

 

The fund will reach $50 billion by the end of this year, which ends on March 20, 2013, said Finance and Economic Affairs minister Shamseddin Hosseini. 

 

20 percent of Iran’s oil revenues each year are deposited into the National Development Fund.