May 24, 2024 17:01

NDFI Resources Available for Funding Petchem Projects

NDFI Resources Available for Funding Petchem Projects
Director of the Executive Board of the National Development Fund of Iran (NDFI) Ahmad Doosthosseini said petrochemical projects which help bolster domestic manufacturers can enjoy the fund’s financial resources.

Hosseini said NDFI can only be tapped for financing the petroleum projects that promote and serve the national economic interests of the country.

He said the NDFI is prepared to support domestic manufacturers and industrialists on condition that such supports generate value-added for the country and set the wheel of the economy in motion.

He said unions of domestic manufacturers shall act as monitors for ensuring that this condition is observed by their subsidiaries and therefore strike balance between import of certain items and manufacture of others domestically.

Doosthosseini said those projects whose development is primarily aimed at enhancing exports and production of items highly looked for in the domestic market will be prioritized for dipping into NDFI resources. For example, he said, the resources will not be used for funding projects that will produce items already available in the country.

The official said the NDFI’s finances can also be used by projects outside of Iran provided that the equipment and machinery used for completing the plants will only be supplied by Iranian manufacturers.

Oct 4, 2016 08:48
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