Tehran unveils oil fund revamp

Oil cash revamp: unveiled by President Mahmoud Ahmadinejad

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By News Wires

 25 January 2010 10:05 GMT

Iran's government wants to set up a new National Development Fund (NDF), to which at least a fifth of the country's oil and gas revenue would be transferred, according to reports.

The news emerged in a report published by the official IRNA news agency, citing the 2010-11 budget.

The proposed fund would help turn Iran's "natural wealth into sustainable and productive assets", IRNA said in a report published late on Sunday, after President Mahmoud Ahmadinejad submitted the budget bill to parliament.

IRNA said the NDF's top priority would be to invest in Iran.

Its board of trustees would include the president, the vice president in charge of planning, the oil minister, the economy minister, the central bank governor and two other ministers picked by the…

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