National Development Fund invests USD36.258B across various economic sectors
Date
8/13/2024 5:06:25 AM
(MENAFN) Reza Mohammadi, Deputy Director of Investments and Resources at the National Development Fund (NDF), reported that the fund has invested a substantial USD36.258 billion across various economic sectors. Of this amount, USD23.75 billion has been allocated to oil and gas projects, USD6.748 billion to industrial developments, USD4.617 billion to power plant construction, USD583 million to water projects, over USD1.1 billion to transportation initiatives, USD120 million to pharmaceuticals, and USD15 million to tourism.
Mohammadi emphasized the NDF’s readiness to continue supporting economic development under the newly inaugurated president. He stressed that for the fund to be effective in national development, certain imbalances need addressing, including the mismatch between electricity demand and supply. To mitigate this issue, the NDF has financed 46 power plant projects valued at USD4.6 billion, which collectively contribute a capacity of 7,200 megawatts. This includes 17 combined cycle plants, 25 combined heat and power (CHP) plants, and four renewable energy plants. The fund has also invested USD3.7 billion to complete these facilities.
In the oil and gas sector, the NDF has introduced the I-HOPE financing model, aimed at investing in upstream projects with a focus on rapid resource recovery. Mohammadi indicated that the fund is prepared to invest over 50 percent of its available resources into upstream oil and gas ventures. Several development projects have been reviewed and approved, and the financing model is ready for implementation, pending approval from the 14th government. If authorized, the fund is prepared to commence these projects as early as September.
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