Iran’s sovereign wealth fund earmarks over $77 mln to tourism
The National Development Fund of Iran (NDFI) has allocated over $77 million in finances to the country’s tourism sector amid efforts by the Iranian government to diversify the economy away from crude revenues.
NDFI’s Acting Board Chairman Mehdi Ghazanfari said on Sunday that the fund will provide up to 20 trillion rials to the banks in the country in the calendar year to March 2023 to enable them to grant loans to unfinished tourism projects.
The Iranian tourism ministry and state and private banks will commit to provide another 40 trillion rials to those projects under a cooperation agreement signed with the NDFI on Sunday.
The scheme is meant to help an Iranian tourism sector which has reeled under the pressure of coronavirus curbs since early 2020.
Ghazanfari said the NDFI will also provide collateral to private investors with contributions above 10 trillion rials ($38.4 million) to tourism projects in Iran.
He said direct funding provided by the sovereign wealth fund to the tourism sector will quadruple in the fiscal year to March 2023.
The NDFI is the largest holder of hard currency reserves in Iran as it receives the net surplus of the country’s oil income.
Taping the fund is only allowed for major infrastructure projects or emergency spending and requires the approval of various state institutions, including the Office of the Leader of Islamic Revolution.
Iran hopes its tourism sector can renew its push for growth in the years to come as the country recovers from closures and restrictions imposed during the coronavirus pandemic.
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