The agreement was signed by NDF director Mohammad-Reza Farzin and Oil Minister Rostam Qasemi.
Over 70 percent of the sum will be spent on the development of oil and gas fields and expanding upstream sector in the oil industry and the rest will be channeled into refining industries, Qasemi explained.
President Mahmoud Ahmadinejad has said that the NDF assets would hit $55 billion by the end of the current calendar year (March 2012-March 2013).
The NDF was established to transform oil and gas revenues to productive investment for future generations.
According to the Fifth Five-Year Development Plan (2010-2015) 20 percent of oil revenues are put in fund.
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