National Fund for Environment Created

Nourlaw.com- 25 December 2014- As published today in the Official Gazette,
the Council of Ministers has approved the articles of association of the
National Fund for the Environment in line with Article 187 of the Fifth
Development Plan of Iran.

According to Article 1 of the Articles of Association, the fund has been created
for “assisting the decrease of pollutants in the environment, preventing deterioration of the environment and preservation and protection of the environment for the purpose of safeguarding, revitalization and sustainable exploitation of the environment, its natural resources and ecological diversity”.

The fund is a non-governmental institute affiliated to the Department of the Environment of Iran. It has an independent juridical personality and is allowed to set up subsidiary companies and credit institutes within the scope of its mandate. The credit institutes shall
extend financial facilities to applicants in relation to its duties and goals for preserving the environment and promotion of eco-tourism.

The initial capital of the fund is 10 billion rials and is to be increased to 50 billion rials through the allocation foreseen in the National Budget of
1393 (2015). Other financial sources foreseen for the fund in performing its tasks include statutory aid of the government, financial assistance and donations of domestic
non-governmental natural and juridical persons, foreign and international aid and donations, revenues accruing from the activities of the fund
and its subsidiary units, other revenues and financial resources generated through the related laws and regulations.