IMIDRO Seeks $3bn Loan from NDFI

The mining sector needs to borrow $3 billion from the National Development Fund of Iran (NDFI) for its development and growth, chairman of the board of Iranian Mines and Mining Industries Development and Renovation (IMIDRO) said.

Mehdi Karbasian added that with this loan the organization will be able to attract up to $9 billion in private sector investment.

Karbasian believes the mining sector’s growth is closely tied to stimulating demand in the construction sector and boosting consumption of steel, aluminum, cement and iron ore.

The NDFI, Iran’s sovereign wealth fund, was created in the 2000’s to save up oil revenues to develop Iran and invest overseas for future generations.

(Source: IMIDRO)

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