SovereignWealthFunds.comNational Development Fund of Iran (NDFI)
NDFI: what it invests in
Geography Mainly domestic
NDFI: how big it is, and on what basis
In US dollars: about USD 195B. Fund publishes USD; figure stated by the head of the fund, without a published definition
NDFI: what it publishes
Published 1 · Partly 5 · Not published 4
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The NDFI is Iran's sovereign wealth fund, created in 2011 to turn part of the country's oil and gas income into lasting productive wealth. Its head said in January 2026 that it controls about USD 195 billion. It mainly lends in foreign currency to Iranian companies through partner banks, with energy as the current priority. S1 S2
Key points
- Has issued about USD 42.2 billion of loans since 2011; about USD 12.1 billion has been repaid. S2
- Committed about USD 5 billion to solar and wind projects and approved USD 2.5 billion for the Azadegan oil field. S2
- Its former head cited about USD 30 billion of investment commitments and a similar amount of cash. S6
- By law half of its financing goes to private, cooperative and non-government borrowers, 20 percent to foreign investment and 30 percent to markets abroad. S1
- Partner banks do the due diligence and carry the project risk; the fund sets priorities and supervises. S1
- In August 2026 the economy minister asked it to focus on large upstream oil and gas and export-earning projects. S7
Interesting facts
Mandate and goals
Turn part of the income from oil, gas, condensate and oil products into durable wealth, productive capital and investment, and keep a share of that wealth for future generations. S1
- Finance private sector projects in foreign currency to build economic infrastructure and shrink the state's role. S1
- Support balanced regional development, including projects in less developed areas. S1
- Back energy efficiency, rail and public transport, agriculture, and exports of Iranian goods and engineering services. S1
- Invest in foreign financial markets and protect the fund's capital over time. S1
- From 2026: back large, profitable upstream oil and gas and export-earning projects. S7
How it invests
| Industries | Energy: oil and gas, Renewables and climate, Industrials and manufacturing, Mining and metals, Transport and logistics, Agriculture and food security, Real estate S2 S1 |
|---|---|
| Asset classes | Private credit, Fixed income, Public equities, Cash and money markets S1 |
| Stages | Credit, Infrastructure, Public markets S1 S2 |
| Geography | Mainly domestic. Mainly Iranian projects; by law 30 percent of resources may be placed in capital markets abroad S1 S2 |
| Direct / through funds / co-invest | No / No / Not published S1 |
| Ticket size | No minimum or ticket size is published. S2 |
| Deal sizes seen | USD 300M (Innovation and Prosperity Fund, 2015) to USD 10.66B (road fleet renewal, 2018) in the allocations below |
| External managers | Banks act as agents for lending; no external asset managers are published S1 |
| Co-investment programme | No co-investment programme; foreign direct investors can access financing when they put in 30 percent S1 |
Published criteria
- Borrowers must be private, cooperative or non-government firms; state companies qualify only if state ownership is under 20 percent. S1
- Foreign investors can draw on the fund for projects in Iran if they provide 30 percent of the funding in cash or kind. S1
- Projects need a sound economic case; the fund says it will not finance projects that are not viable. S1 S2
Fund commitments
| Manager | Fund | Amount | Year |
|---|---|---|---|
| Innovation and Prosperity Fund | Allocation ratified by parliament | USD 300M | 2015 S1 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2026 | Azadegan oil field development. Financing approved for the field's development. S2 | Direct investment | Energy: oil and gas | Credit | USD 2.5B approved |
| 2026 | Solar and wind projects. Commitments to renewable power projects. S2 | Direct investment | Renewables and climate | Credit | About USD 5B |
| 2019 | Small and medium enterprises. Allocation announced by the government. S1 | Direct investment | Industrials and manufacturing | Credit | USD 2.4B |
| 2018 | Road transport fleet renewal. Funding allocated to renew the fleet. S1 | Direct investment | Transport and logistics | Credit | USD 10.66B |
| 2015 | Innovation and Prosperity Fund. Allocation ratified by parliament. S1 | Fund commitment | Technology | Venture | USD 300M |
| Not published | Iran Air aircraft purchase. Financing for new aircraft, per the government. S1 | Direct investment | Transport and logistics | Credit | USD 2.5B |
| 2012 | Bank agency lending programme. Funds for industry, mining, energy, cooperatives and agriculture through four banks. S1 | Direct investment | Industrials and manufacturing | Credit | USD 9B |
| 2013 | Mining and industry loans. Includes gas, oil and petrochemical industries. S1 | Direct investment | Mining and metals | Credit | USD 21.5B (2011 to 2013) |
| 2013 | Transport loans. Allocations to transport. S1 | Direct investment | Transport and logistics | Credit | USD 686M (2011 to 2013) |
| 2013 | Housing and construction loans. Allocations to housing and construction. S1 | Direct investment | Real estate | Credit | USD 566M (2011 to 2013) |
Case studies
Lending through banks S1
- What: Signed agency agreements with four Iranian banks to channel USD 9 billion to industry, mining, energy, cooperatives and agriculture.
- When: 2012
- Size: USD 9B
- Why: The fund sets priorities and supervises, while banks check each project and carry its risk.
Renewing the road fleet S1
- What: Allocated funding to replace and modernise Iran's road transport fleet.
- When: 2018
- Size: USD 10.66B
- Why: Fits the mandate to back public and road transport and reduce running costs.
Back to energy: Azadegan and renewables S2 S7
- What: Approved USD 2.5 billion for the Azadegan oil field and committed about USD 5 billion to solar and wind.
- When: January 2026
- Size: About USD 7.5B combined
- Why: The government wants the fund to back large, export-earning energy projects.
Investment process
A Board of Trustees of 11 senior officials, chaired by the President, oversees the fund. The President appoints the five-member executive board for five years with the trustees' approval. Banks review and approve each loan. S1 S4
| Committee | Role |
|---|---|
| Board of Trustees | Eleven officials including three ministers, chaired by the President; approves executive board appointments S1 |
| Executive Board | Five members with five-year terms; runs the fund and signs agency agreements with banks S4 S1 |
| Supervisory Board | Supreme Audit Court and General Inspection Office S1 |
- The fund sets lending priorities in line with national development plans. S1
- A borrower applies through a partner bank, which studies feasibility and does due diligence. S1
- The bank approves the loan, in rial or foreign currency, and takes the project risk. S1
- The fund supervises and is repaid through the bank. S1 S2
How to approach: Companies apply for financing through one of the fund's partner banks. No channel for direct approaches by foreign or private investors is published. S1 S2
Size and returns
- Headline size: About USD 195B (stated, unaudited) (Total assets (balance sheet), as of 2026-01-10) S2
- In US dollars: about USD 195B. Fund publishes USD; figure stated by the head of the fund, without a published definition
- Loans issued since 2011: About USD 42.2B (Portfolio value, as of 2026-01-10) S2
- Investment commitments: About USD 30B (Committed or authorised capital, as of 2026-08-01) S6
- Returns: the fund does not publish a return figure.
- Size over time (USD billion): 2011 24.4, 2012 35, 2026 195 S1 S2
Leadership
| Name | Title | Since |
|---|---|---|
| Khodadad Gharibpour | Member and head of the executive board S8 S9 | 2026-08 |
| Nader Jafari-Yousefi | Executive board member S4 | 2026-09-28 |
| Sajjad Jafari | Executive board member S4 | 2026-09-28 |
| Ali Moghaddamzadeh | Executive board member S4 | 2026-09-28 |
| Masoud Pezeshkian | President of Iran; chair of the Board of Trustees S1 | Not published |
Governance and transparency
- Legal basis: Article 84 of the Fifth Development Plan; Article 16 of the Law on Permanent Provisions of the Development Programmes (2017) governs appointments S1 S5
- Oversight: Board of Trustees chaired by the President; supervision by the Supreme Audit Court and General Inspection Office S1
- Appointment decrees ask the board to act within the constitution, national vision and the Seventh Development Plan. S8
- The latest IMF Article IV report for Iran on the IMF country page is dated March 2018. S10
- Articles of association are listed on the fund's website; no annual report or accounts are published. S11
Transparency score: 3.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2011 | Fund established under the Fifth Development Plan. S1 |
| 2012 | USD 9B agency agreements with four banks. S1 |
| 2015 | USD 300M allocated to the Innovation and Prosperity Fund. S1 |
| 2017-01-29 | Law on Permanent Provisions sets the appointment rules. S5 |
| 2018 | USD 10.66B for road fleet renewal. S1 |
| 2026-01-10 | 15th anniversary; about USD 195B stated. S2 |
| 2026-08-31 | Khodadad Gharibpour takes over as head. S9 |
| 2026-09-28 | Three board members appointed. S4 |
For family offices
There is no programme for outside private capital. The fund is a domestic lender that works through Iranian banks; foreign direct investors in Iranian projects can seek its financing if they bring 30 percent of the funding. S1
Reports
- Articles of Association: https://en.ndf.ir/About-NDF/Articles-of-Association S11
Common questions
How big is the National Development Fund of Iran?
Its head said in January 2026 that it controls about USD 195 billion. The fund publishes no audited figure. S2
Who runs the NDFI?
Khodadad Gharibpour has headed the executive board since August 2026. S9 S8
How does the fund invest?
Mainly by lending to Iranian companies through partner banks, in rial or foreign currency. S1
Who appoints the board?
The President, with the approval of the Board of Trustees, for five-year terms. S4 S5
When was it set up?
In 2011. S1
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All sovereign wealth funds in Middle East · All strategic development funds · All funds in Iran
Sources
- S1Wikipedia, National Development Fund of Iran (revision of 25 August 2026)
- S2PressTV, NDFI 15th anniversary press conference, 10 January 2026
- S3IFSWF, members list
- S4Office of the President of Iran, board appointment decree, 28 September 2026 (Persian)
- S5Bank-e Eghtesad, NDFI board appointments (Persian)
- S6Way2Pay, NDFI head on commitments and cash (Persian)
- S7Tehran Times, NDF urged toward large foreign-currency-generating investments
- S8Office of the President of Iran, appointment of the head of the executive board (Persian)
- S9Nournews, new head of the National Development Fund (Persian)
- S10IMF, Iran country page
- S11NDFI, Articles of Association page
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