Iran’s National Development Fund has signed contracts with local banks to allocate $9bn to be spent on the development of key sectors.

The National Development Fund signed contracts with the Bank of Industry and Mines, the Sepah Bank and the Exports Development Bank. The money will be spent on projects in the industry and mining sector, energy, cooperatives and agriculture sectors. The oil sector currently contributes about 30 per cent towards Iran’s gross domestic product (GDP), while the agriculture sector contributes about 12 per cent.

The banks will each allocate $3bn for implementing the projects.

In November 2011, the National Development Bank said it had allocated $5.4bn of its assets to promote foreign investment in the country. The Finance and Economics Affairs Minister Shamseddin Hossein said the fund’s total assets stood at $24.4bn.