Baku, Azerbaijan, June 4
By Sara Israfilbayova - Trend:
The total investment of the State Oil Fund of Azerbaijan (SOFAZ) in the purchase of real estate abroad amounted to over $2.1 billion by the end of 2018, Trend reports referring to a report of the Chamber of Accounts of Azerbaijan.
The direct investment of the fund amounted to more than $1.015 billion, investment in debt funds - $59.5 million, joint investments - $329.9 million and $737.7 million in real estate funds.
"In 2018, the fund's investments in real estate abroad amounted to $114.7 million," reads the report of the Chamber of Accounts.
SOFAZ's return on real estate investments was 9.9 percent, while the return on joint investment in real estate was 42.03 percent, on debt funds - 13.81 percent, on investments through real estate funds - 15.66 percent.
SOFAZ possesses commercial real estate in various countries of the world. These are buildings located in London, Paris, Moscow, Seoul, Pine Avenue), Tokyo and Milan.
The State Oil Fund of Azerbaijan was established in 1999, and its assets at that time amounted to $271 million.
According to the regulations on SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important problems.
The main objectives of SOFAZ consist of accumulating funds and allocating the Fund’s assets abroad for minimizing the negative impact on the economy, preventing the ‘Dutch disease’ to some extent, ensuring the accumulation of funds for future generations and maintaining current socio-economic processes in the country.
(1 USD = 1.7 AZN on June 4)
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