During Covid-19, the NDFI played an important role in Iran as it supported the production of vaccines and stabilized capital markets. With assets of over US$ 140 billion, the fund is now ready for some changes including investments overseas. We had the immense pleasure of hearing about its latest developments and future plans from its Chairman, Dr. Ghazanfari.

[GSWF] The NDFI was set up in 2011 to supplement the Oil Stabilization Fund. How are you ensuring that the fund is not rapidly depleted and survives in the LT?

[NDFI] In the regulations enacted in 2011, the governmental withdrawal was limited by special licenses, and the resources could only be used for sponsoring investment, export, and foreign investment mostly by the private sector. NDFI has proved more successful and greater resources were accumulated, as governmental withdrawals are considered loans to be repaid to the fund in both principal and loan interest. One ongoing challenge is that NDFI’s articles of association did not clarify what domestic investments it could pursue.

[GSWF] It was suggested that 32% of the oil revenues would be transferred to NDFI every year. What‘s NDFI’s AuM today?

[NDFI] NDFI's initial share of the sales of oil, gas, and condensate was mandated to be 20%, with a slight annual increase of 2–3%. By 2022, NDFI's share of oil revenues has reached 40%. As of now, NDFI's asset under management is over US$ 140 billion.

[GSWF] Since the start of the pandemic, the NDFI has been heavily utilized by the government as a means of liquidity and funding of the Capital Market Stabilization Fund (CMSF). Is this a temporary solution or a permanent arrangement?

[NDFI] The pandemic was truly a global disaster and NDFI helped finance the production of medical equipment, medicine, and vaccines. It also pursued a capital injection into the capital market to stabilize the market and improve the conditions of small shareholders. However, the resources were provided as a loan, as required by the regulations and resolutions, and the government must repay its debt.

[GSWF] NDFI was recently allowed to invest in various sectors, including overseas. What does this mean for the future?

[NDFI] Oil revenues must not be used as a budget but rather turned into a more valuable capital asset. After COVID-19, the board decided to amend the regulations and clarify which domestic investments it could pursue in order to create more wealth and GDP growth. Additionally, NDFI enjoys sovereign immunity and there are ongoing efforts to set up advisory committees of financial, legal, and international affairs experts in order to scrutinize all aspects and ensure that the fund's resources will not be affected by US sanctions.

[GSWF] We understand that NDFI is no longer a member of IFSWF. What is the status of your international partnerships?

[NDFI] NDFI was an active player of the IFSWF and paid its membership fees regularly; however, this was not possible in the last few years due to the US sanctions and the secretary of IFSWF terminated the membership against the fund’s wish. One of our main objectives is to expand international ties and pursue agreements with other SWFs and related forums to advance NDFI's goals. This has led to the formation and expansion of the Foreign Investment and International Relations Department, which has developed by-law for foreign investment and is reaching out to and negotiating with related organizations, forums, and SWFs with some promising progress.

[GSWF] What are your views around Sustainability and Green Energy? Do you feel the need to diversify from Oil & Gas?

[NDFI] One of our proposals for transforming the fund governance is the diversification of NDFI's incoming resources. This involves NDFI also benefiting from revenues of public property and the export of mineral raw materials, and the transfer of the non-productive government assets to NDFI, which will take steps to make them income-generating, with the proceeds offered to the government.

[GSWF] How many people work at NDFI now, and do you expect any change given the potential investments overseas?

[NDFI] We are a small organization with about 100 employees, consisting of the board of directors, deputies, directors, experts, and service and logistics staff. However, the execution of our plans and proposals, including the expansion of international ties, will require us to improve the expert and managerial staffs and structures. We strive to complete most of these activities through outsourcing.

[GSWF] How have the first nine months of your mandate at NDFI been, after your previous role as Minister of Commerce?

[NDFI] I have been highly motivated and eager to get to know the people, goals, missions, and processes, trying to be a good listener before proposing any change for the better governance of the organization. Working in the ministry was much more difficult in terms of complexity and sensitivity; but here I feel that my job is more fruitful in terms of creating intergenerational justice and increasing the added value of oil revenues. Overall, I am satisfied with my work at NDFI given its mission and my colleagues.

موسسه جهانی صندوق‌های ثروت ملی (Global swf) در گزارشی «صندوق توسعه ملی ایران» را که با بیش از ۱۴۰ میلیارد دلار دارایی، هفدهمین صندوق ثروت ملی بزرگ جهان محسوب می‌شود به عنوان صندوق برتر ماه آگوست ۲۰۲۲ خود برگزیده و به این بهانه با دکتر مهدی غضنفری، رییس هیات عامل این صندوق گفت‌و‌گویی انجام داده، که در ادامه می‌خوانید:
در طول دوران همه‌گیری کووید۱۹، صندوق توسعه ملی نقش مهمی در ایران ایفا کرد زیرا این صندوق از تولید واکسن حمایت و بازارهای سرمایه را تثبیت کرد. این صندوق با بیش از ۱۴۰ میلیارد دلار دارایی، اکنون آماده برخی تغییرات از جمله سرمایه‌گذاری در خارج از کشور است. ما از شنیدن آخرین تحولات و برنامه‌های آتی آن از زبان دکتر مهدی غضنفری، رییس هیات عامل این صندوق بسیار خرسندیم.
«صندوق توسعه ملی ایران» یا NDFI در سال ۲۰۱۱ برای تکمیل صندوق تثبیت نفت تاسیس شد. چگونه اطمینان حاصل می‌کنید که صندوق به سرعت خالی نمی‌شود و در LT زنده می‌ماند؟
در مقررات تصویب شده در سال ۲۰۱۱، خروج دولت با مجوزهای خاص محدود شد و منابع فقط برای حمایت از سرمایه‌گذاری، صادرات و سرمایه‌گذاری خارجی عمدتا توسط بخش خصوصی قابل استفاده بود. «صندوق توسعه ملی» موفق‌تر بوده و منابع بیشتری انباشته شده است، زیرا برداشت‌های دولتی به عنوان وام‌هایی در نظر گرفته می‌شود که هم در اصل و هم با بهره وام باید به صندوق بازپرداخت شود. یکی از چالش‌های جاری این است که اساسنامه «صندوق توسعه ملی» مشخص نکرده است که چه سرمایه‌گذاری‌های داخلی می‌تواند اتخاذ کند.
پیشنهاد شده که سالانه ۳۲ درصد از درآمدهای نفتی به صندوق توسعه ملی منتقل شود. دارایی‌های تحت مدیریت صندوق توسعه ملی امروز چیست؟
سهم اولیه «صندوق توسعه ملی ایران» از فروش نفت، گاز و میعانات گازی ۲۰ درصد با افزایش اندک سالانه ۲ تا ۳ درصد تعیین شد، تا سال ۲۰۲۲، سهم صندوق توسعه ملی از درآمدهای نفتی به ۴۰ درصد رسیده است.
در حال حاضر، دارایی تحت مدیریت صندوق توسعه ملی بیش از ۱۴۰ میلیارد دلار است.

انتهای پیام/