Iran’s sovereign wealth fund, the National Development Fund (NDF), currently has over $42.8bn in cash holdings, the fund’s managing director Mohammad Reza Farzin announced on 2 December.

NDF’s assets are expected to rise to $55bn by the end of the Iranian year on 20 March 2013, President Mahmoud Ahmadinejad had previously indicated. Mr Farzin said that some $11.5bn of the fund’s accumulated reserves had been allocated to supporting the private sector, and that over $500mn will be utilized to assist the tourism sector. Mr Farzin added that over 100,000 jobs were created in the country from financial resources emanating from the NDF. (CONTINUED - 750 WORDS)