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The Fund has expanded its cooperation agreements to include African countries.
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The photo shows the signboard of the National Development Fund of Iran. (IRNA)
Members of the board of directors of the National Development Fund of Iran (NDFI) have revealed plans to establish a joint investment fund with Russia, Oman and Saudi Arabia.
Hossein Eyvazlou, head of the NDFI, stressed that negotiations are underway to establish a joint investment fund with Russia and will focus on cooperation with wealth funds from neighboring countries.
Mr. Avaslou emphasized the NDFI’s mission to work with global funds and focus on partnerships with wealth funds in neighboring countries.
Russia has expressed strong interest in establishing a joint investment fund with Iran, and said there are positive prospects for cooperation.
Read more: Iran and Russia to abolish US dollar in bilateral trade of their respective currencies
The NDFI aims to prioritize co-investments with neighboring countries, especially in sectors such as oil and gas, petrochemicals and pharmaceuticals.
The strategic focus on these areas is consistent with Iran’s economic diversification and growth plans.
Outside of Russia, NDFI is also in talks with Oman and Saudi Arabia to reach agreements on joint venture investment projects.
The Fund has expanded its cooperation agreements to include African countries.
Notably, within the Economic Cooperation Organization (ECO), the NDFI has secured joint fund agreements with seven of the ten member countries, demonstrating its commitment to regional economic cooperation.
Read more: USD stocks shrink in global foreign exchange reserves amid de-dollarization trend
Mr. Eyvazlou emphasized the existence of alternative international payment methods other than SWIFT.
He added that the Central Bank of Iran has introduced a special mechanism to establish relations with securities companies of other countries, and this mechanism is already underway among Iran’s neighboring countries.
Iran works to de-dollarize intra-BRICS transactions
On December 31, 2023, Iran’s Deputy Foreign Minister Ali Bagheri Qani announced that Iran, like other BRICS members, intends to work towards de-dollarization of trade and economic and financial transactions within the group of major emerging economies. showed that.
“We have planned many missions and collaborations with other BRICS member states within the framework of this organization,” Bagheri Kani said. sputnik.
The diplomat emphasized that “one of the most important tasks is to de-dollarize trade, economic transactions, and financial cooperation.”
“BRICS activities in this field have already begun and we want to strengthen and expand these activities in order to achieve this goal as soon as possible.”
BRICS was founded in 2009 and is currently a group uniting the world’s largest developing countries, including Brazil, Russia, India, China, and South Africa.
At the 15th BRICS top-level summit held in Johannesburg in August, Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia were also invited to join the bloc. Full membership, excluding Argentina, is expected to enter into force on January 1, 2024.
Read more: One in three UN member states abandons US dollar in favor of trading in their own currency
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