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Sunday 11 August 2013
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No lack of  resources for NDFI

No lack of resources for NDFI

NDFI Vice President: the grand total of resources transferred to NDFI, amounts to $ 52 billion. Regarding the annual need of 10-15 billion, no constraints will appear for the next 3 years. Seyed Mohammad Ghasem Hosseini added: the agent banks must remain committed to the agency contracts and cannot impose extra terms and conditions on the loan seekers. The only conditions and requirements are...

NDFI Vice President: the grand total of resources transferred to NDFI, amounts to $ 52 billion. Regarding the annual need of 10-15 billion, no constraints will appear for the next 3 years.

Seyed Mohammad Ghasem Hosseini added: the agent banks must remain committed to the agency contracts and cannot impose extra terms and conditions on the loan seekers. The only conditions and requirements are the ones stipulated in the agency contracts and in case of facing any breach of contract, the investors and practitioners should inform NDFI for investigating the issue.

The Agent banks act merely as the agents of NDFI to deliver funds and facilities to customers and if breach the terms of contract, their agency contract shall be reviewed.

He added: NDFI is a new born entity, tasked with supporting the industries and producers, and we endeavor to remove the shortcomings and weaknesses through correspondence with the Parliament. Among the main weaknesses is that the competence for free action of the Board of Executive Directors, contrary to other SWFs, has been scattered among the Board of Trustees, Supervisory Board and Board of Executive Directors.

The other weakness is the requirement for obtaining parliament approval for the facilities beyond $ 200 million.

As Hosseini announced, since 1390, contracts with 15 banks have been concluded. The grand total of NDFI resources in national currency exceeds 80 trillion Rials, gradually allocated to projects with technical, economic and financial feasibility studies, by the end of this current year.

To remove the constraints and weaknesses of NDFI, parliament should get involved.

On the resources of the Fund, Hosseini said that 26 percent of revenues originating from oil and gas exports are transferred to NDFI to be decided on by the Board of Executive Directors. Based on him, the sanctions and problems of transferring money couldn’t stop NDFI to fulfill its commitments.

He concluded by highlighting the authority of the Fund to invest in all foreign money and capital markets and to buy profitable shares and bonds of the banks and firms.

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  • No lack of  resources for NDFI

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