Mehdi Ghazanfari, head of the steering committee of the Iranian National Development Fund (NDFI), said on Tuesday that the leader has given approval to use NDFI resources for investment in oil and electricity projects as part of an order issued in late June.
Gazanfari said NDFI has since decided to use the approval to fund two emergency projects, including plans to increase Iran’s oil production by 20 million barrels per day, and to fund the country’s 7 gigawatt construction.
He said the leader was conditional on investment in the approval of the project by Iran’s Supreme Economic Council.
The NDFI is independent of the Iranian government’s budget and is responsible for converting nearly a third of Iran’s oil export revenue into productive investments for future generations.
However, tapping funds for urgent needs requires leader approval.
An August report suggests that Iran will use NDFI resources to use its rapid action plan to increase oil production amid sanctions that restrict access to the country’s foreign investment.
Iran has also introduced plans for a massive expansion of the renewable power sector as the country faces growing demand for electricity in its home and manufacturing sectors.
MNA