National Development Fund of Iran (NDF)

Also Known As: 

National Development Fund of Islamic Republic of Iran

Weapon Program: 

  • Military


No. 25 Gandhi St., National Development Fund of Iran Building, Tehran 15176-55911, Iran


+98 (21) 88640439


+98 (21) 88640440


Entity Web Site:

NDF Logo

Iran's sovereign wealth fund; invests in agriculture, the foreign exchange market, industry, mining, transportation, the nonprofit sector, tourism, and the water industry; has provided foreign currency and other forms of funding to the Iranian Ministry of Defense and Armed Forces Logistics (MODAFL) and the Islamic Revolutionary Guard Corps (IRGC) Quds Force; has reportedly cooperated with Bank Sepah.

According to the U.S. Department of the Treasury, has conducted financial transfers through Etemad Tejarate Pars Co. to conceal military purchases on behalf of MODAFL; in January 2019, added $4.8 billion to the budgets of the IRGC and Islamic Republic of Iran Broadcasting (IRIB) at the direction of the Government of Iran; in 2018 and 2019, transferred several billion dollars and euros to the IRGC Quds Force and hundreds of millions of dollars and euros to the Atomic Energy Organization of Iran (AEOI) and MODAFL through the Central Bank of Iran (CBI); in 2017, transferred $500 million to the IRGC Quds Force in coordination with the CBI.

In 2021, funded construction of Bidboland gas refinery to process excess gas from crude oil production; slated to receive 38 percent of Iran's total revenue from oil sales in 2021-2022.

As of 2021, reportedly had access to $23.8 billion in overall assets; in 2020, had access to approximately $5.5 billion in foreign currency deposits; in 2018, reportedly dedicated 12 percent of resources to countering sanctions.

In 2021, reportedly contributed $238 million to the Capital Market Stabilization Fund to support capital trading on the Tehran Stock Exchange; in 2020, reportedly granted Bank Saderat, Export Development Bank (EDBI), Iran-Venezuela Bi-National Bank, Parsian Bank, and Tose'e Ta'avon Bank approval to allocate NDF resources set aside to support non-oil exports; in 2016, signed a memorandum of understanding with the Export-Import Bank of Korea to help South Korean companies to enter the Iranian market.

In June 2020, reportedly transferred $1 billion to Iranian automakers; reportedly will provide $400 million in funding to support the construction of a rail line from Chabahar to Zahedan; reportedly allocated 1 billion euros for public health measures in 2020, of which only 27 percent was eventually distributed to the Ministry of Health.

Board of trustees includes the Iranian President, the Iranian Petroleum Minister, and the CBI governor.


Added on September 20, 2019, to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), blocking its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism, foreign parties facilitating transactions for the entity or otherwise assisting the entity are subject to U.S. sanctions; also subject to the Iranian Financial Sanctions Regulations; foreign financial institutions facilitating transactions for the entity may be prohibited from opening or maintaining correspondent or payable-through accounts in the United States.

Date Entered: 

April 27, 2021

Date Last Modified: 

April 27, 2021