BREAKING

Iran aims joint investment funds with Russia, Oman, S. Arabia

By Al Mayadeen English
Source: Agencies
6 Jan 2024 20:19
1 Shares

The fund has also extended its cooperation agreements to include African nations.

Photo shows a sign of the National Development Fund of Iran. (IRNA)

A member of the Board of Executive Directors of Iran's National Development Fund (NDFI) revealed plans to establish joint investment funds with Russia, Oman, and Saudi Arabia.

NDFI representative Hossein Eyvazlou emphasized the focus on collaborating with neighboring countries' wealth funds, with ongoing negotiations to launch a joint investment fund with Russia.

Eyvazlou highlighted the NDFI's mission to cooperate with global funds and focus on partnerships with wealth funds in neighboring countries.

Russia, on its part, has displayed a keen interest in establishing a joint investment fund with Iran, signaling positive prospects for the collaboration, he said.

The NDFI aims to prioritize joint investments with neighboring states, particularly in sectors like oil, gas, petrochemicals, and pharmaceuticals.

The strategic focus on these sectors aligns with Iran's economic diversification and growth plans.

Beyond Russia, the NDFI has engaged in negotiations with Oman and Saudi Arabia, aiming for agreements on joint venture investment projects.

The fund has also extended its cooperation agreements to include African nations.

Notably, within the Economic Cooperation Organization (ECO), the NDFI has secured agreements for joint funds with seven out of the ten member states, demonstrating a commitment to regional economic collaboration.

Eyvazlou emphasized the existence of alternative international payment methods beyond SWIFT.

He added that the Central Bank of Iran has implemented special mechanisms to establish relations with brokerage companies in other countries, with this mechanism already in progress among Iran's neighboring states.

Iran to work on dedollarization of transactions within BRICS

On December 31, 2023, Iranian Deputy Foreign Minister Ali Bagheri Kani indicated that Iran, like other BRICS members, will work on the de-dollarization of trade and economic and financial transactions within the group of major emerging economies.

"We have planned many missions and joint work with other BRICS members within the framework of this organization," Bagheri Kani told Sputnik.

The diplomat highlighted that "one of the most important tasks is the de-dollarization of trade and economic transactions and financial cooperation."

"Activities in this field of work of BRICS have already started, we hope to strengthen and expand these activities in order to achieve this goal as soon as possible."

BRICS, established in 2009, is a group uniting the world's largest developing economies, which currently includes Brazil, Russia, India, China and South Africa.

In August, the 15th top-level BRICS summit in Johannesburg extended invitations to Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia to join the bloc. Their full membership, except for Argentina, is scheduled to take effect on January 1, 2024.