NDFI Earmarks €1 Billion to Makran Coast

EghtesadOnline: The National Development Fund of Iran (NDFI) allocated €1 billion for the development of the Makran Coast south of the country.

News ID: ۸۱۹۵۵۶

14 January 2024

Iran is drawing on the resources of the National Development Fund of Iran (NDFI) for the development of the Makran Coast and the completion of the National Housing Movement Plan.

According to Article 138 of the Constitution of the Islamic Republic of Iran, the Cabinet of Ministers approved a plan in a meeting held on January 3, 2024 for allocating €1 billion in support of the National Development Fund for the development of the Makran Coast.

After the approval of the relevant legal bodies and within the framework of laws and regulations, the Fund will deposit €1 billion in banks and it will be paid in the form of facilities to the applicants introduced by the Secretariat of the Supreme Council for the Development of Makran Coast based on the rules and regulations.

This is in line with Iran's plans for the development of the Makran Coast, the development of a sustainable sea-based economy, and the growth of industries in the ports, the report added.

Similarly, Iran's Ministry of Roads and Urban Development is proposing to use the resources of the NDFI for the housing sector. To this end, $2 billion credit gained from the oil bartering will be allocated for the completion of superstructure and infrastructure services of the National Housing Movement Plan, the website of Iran's Ministry of Roads and Urban Development (MRUD) reported.

This was proposed in the meeting of the Supreme Council of Housing held on January 11 with the presence of Iran's President.

Iran's Ministry of Roads and Urban Development considers the housing sector as a drive for economic development that can boost employment, control inflation, and promote economic development.

Considering the main mission of the National Development Fund of Iran in the development of the country's economy, it is expected that this fund would play a substantial role in the development of major infrastructure projects. / Tasnim