National Development Fund of Iran

The National Development Fund of Iran (NDF; Sandoq-e Towse'e-ye Melli) is Iran's sovereign wealth fund, established in 2011 to replace the Oil Stabilization Fund. Its mandate is to convert a portion of oil and gas revenues into productive investment, preserve wealth for future generations, and reduce the government's dependence on hydrocarbon income. Funded primarily by revenues from the Ministry of Petroleum, the NDF channels capital into development projects inside and outside Iran. Mehdi Ghazanfari, the former Minister of Industries, Mines and Business, subsequently served as its chairman.