Minister: 2013 state investments reach record level in Azerbaijan

Photo: Minister: 2013 state investments reach record level in Azerbaijan / Business News

Baku, Azerbaijan, Jan.10
By Emin Aliyev -Trend:

In 2013, the total public investments in Azerbaijan's economy reached its highest level of seven billion manat, Finance Minister Samir Sharifov said in his speech at yesterday's meeting of the Cabinet of Ministers under the chairmanship of President Ilham Aliyev.The meeting was dedicated to the socio-economic development of Azerbaijan in 2013 and the upcoming challenges for 2014.

"Of these funds 2.037 billion manat were directed to construction and reconstruction of objects for socio-cultural and household purposes, 262 million manat to finance investment projects in Nakhchivan AR, 873 million manat were allocated to finance other projects," the minister said.

Amid expectations of equilibrium in the financial balance of the country, a record amount of investment was made in the economy, the minister stressed.

"Along with the budget expenditures, the government spent 754 million manat from loans borrowed from abroad on construction and reconstruction of infrastructure in the road sector, water supply and irrigation, agriculture, as well as social and other areas. From funds from Azerbaijan and abroad, the State Oil Fund allocated 1,074 billion manat on implementation of a number of ongoing investment projects in the country. In 2013, the reserve fund of the President of Azerbaijan allocated 347 million manat to continue improvement works in cities, districts and villages, construct rural roads and perform other necessary measures," Sharifov stressed.

The official rate for January 10 is 0.7844 AZN/USD.

Translated by M.L.

Edited by C.N.

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