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SOFAZ gets $60 bln over 10 years

Azerbaijan Materials 27 September 2011 16:33
SOFAZ has received $60 billion from 2001 to 2011, Executive Director Shahmar Movsumov said today.
SOFAZ gets $60 bln over 10 years

Azerbaijan, Baku, Sept. 27 /Trend, E.Ismayilov/

SOFAZ has received $60 billion from 2001 to 2011, Executive Director Shahmar Movsumov said today.

SOFAZ funds hit $491.5 million in 2011. They increased by 65 times and reached $ 32 billion over ten years.

"SOFAZ funds were invested in the implementation of such large-scale projects having regional importance as the construction of the Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Tbilisi-Kars railway, as well as improving the welfare of refugees and internally displaced people," he said.

As of Jan. 1, SOFAZ assets amounted to $22.8 billion. Movsumov said that the current assets hit $32 billion.

The Fund's income this year is expected to hit 12.796.2 billion manat.

Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. In 2001-2009 special attention was drawn to the development of the oil and infrastructure sectors, as well as the non-oil sector of the country. At the moment, a number of important projects in irrigation and transportation are financed at the expense of the funds.

The main purposes of the fund are: accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing a "Dutch syndrome" to ensure savings for future generations and to maintain the current socio-economic standard in the country.

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