Tehran, January 13, 2024 (MRUD NEWS)—Iran is drawing on the resources of the National Development Fund (NDF) for development of Makran Coast and completion of the National Housing Movement Plan. 

As per the 138th Article of the Constitution of the Islamic Republic of Iran, the Council of Ministers approved the law in the meeting held on January 3, 2024 for €1 billion support of the National Development Fund for the development of the Makran Coast. 

Accordingly, after the approval of the relevant legal bodies and within the framework of laws and regulations, the National Development Fund will deposit €1 billion in the banks which will be paid in IRR 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 development of the Makran Coast, development of a sustainable sea-based economy, and growth of industries in the ports.

Similarly, Iran's Ministry of Roads and Urban Development is proposing to use the resources of Iran's National Development Fund for the housing sector. To this end, $2 billion credit gained from the oil bartering will be allocated for completion of superstructure and infrastructure services of the National Housing Movement Plan. This was proposed in the meeting of the Supreme Council of Housing held on January 11 with the presence of Iran's President. 

Other resources for completion of the National Housing Movement Plan are considered in the budget reaching to 200,000 billion IRR. 

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 in the development of the country's economy, it is expected that this fund would play a substantial role in development of major infrastracture projects.