SOFAZ investments to exceed 50B manats in 2016 (UPDATE)
Details added (first version posted on 17:22)
Baku, Azerbaijan, Dec. 30
By Maksim Tsurkov - Trend:
The projected total cost (average weighed volume) of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) for 2016 has been set at 51.3 billion manats.
On Dec.29, the president of Azerbaijan issued a decree on the approval of main directions (of the program) of using SOFAZ funds for 2016.
The forecast for 2015 was formed at the level of 28.2 billion manats, for 2014 - 27 billion manats, for 2013 - 25.2 billion manats, for 2012 - 23 billion manats.
"In 2016, SOFAZ will be implementing investment policy, which makes it possible to get the maximum yield at low risks of the main capital loss," the document said. "The total value of the investment portfolio is determined on the basis of monthly re-evaluation of assets denominated in foreign currency, which is left after deduction of the funds, which were reconverted into manats to calculate expenses of the fund approved in the budget."
Financing of certain measures related to issues of placement and improving the social living conditions of refugees and internally displaced persons, transfers to the state budget in 2016, as well as financing the project of reconstruction of the Samur-Absheron irrigation system will become the main areas of expenditures of SOFAZ funds in 2016.
Financing of the Baku-Tbilisi-Kars railway line construction project, financing of the State Program on education of Azerbaijani youth aboard in 2007-2015, as well as financing Azerbaijan's share in the projects of the "Southern Gas Corridor" will also become the main areas of expenditures of SOFAZ funds in 2016.
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