TEHRAN - Deputy Director of Investments and Resources of the National Development Fund (NDF) Reza Mohammadi said the fund has invested $36.258 billion in various economic projects, IRNA reported.

According to Mohammadi, of the mentioned figure $23.75 billion has been invested in oil and gas projects, $6.748 billion in industrial projects, $4.617 billion in power plant construction, $583 million in water projects, over $1.1 billion in transportation projects, $120 million in pharmaceutical projects and finally $15 million in tourism.

The official said the fund is ready to support the newly inaugurated president and play its development role in the 14th government as well.

“In order for NDF to have an active role in the country’s development, some imbalances should be resolved, one of which is the imbalance between electricity demand and supply,” Mohammadi stressed.

“Since its establishment, the fund has financed 46 power plant projects worth 4.6 billion dollars with a total capacity of 7,200 megawatts, which includes 17 combined cycle power plants, 25 CHP power plants, and four renewable power plants; Also, 3.7 billion dollars have been paid to complete these power plants,” he explained.

Pointing to the NDF investments in the oil and gas sector, the official said: “The National Development Fund has designed and presented the I-HOPE financing model in order to invest in upstream oil and gas projects. This model, regardless of any type of entrepreneurship, is designed with a supervisory view in order to return the resources of the fund in the shortest period possible.”

“The National Development Fund is ready to invest more than 50 percent of its available resources in the upstream oil and gas sector. In this regard, several oil and gas well development projects have been studied, reviewed, and approved, and the financing model has also been finalized. If the 14th government approves, the fund is ready to implement the mentioned projects as of September,” he added.

EF/MA