State Investments to Azerbaijani Economy Increased 22 Times in Four Years

Business Materials 5 February 2008 20:19 (UTC +04:00)

Azerbaijan, Baku, 5 February / Trend corr. I.Khalilova / The state investments to the economy of Azerbaijan increased 22 times in four years and made up AZN 1,904bln in 2007, the Finance Minister reported on 5 February.

"The increase in investments caused by the budget expenditures allowed for financing the creation and reconstruction of priority socio-directed projects, infrastructure, and projects in the cultural and sporting domains" the Ministry reported.

In 2007, some AZN 382mln was invested in socio-directed projects including construction and repair of premises in education - AZN 93mln (construction of National Conservatoire- AZN 2.1mln, Museum of National Education - AZN 1.1mln, Pedagogical Institute -AZN 2mln, as well as AZN 26.1mln for measures directed to accelerate the socio-economic development of settlements in Baku from 2006 to 2007), healthcare - AZN 59.4mln (Research institute on ophthalmology - AZN 12mln, repair and purchase of special equipment for Clinic medical instruments - AZN19.1mln, Republic Maternity Hospital -AZN 4mln, and Oncological Science Institute- AZN 12.7mln).

The repair and construction of cultural and tourism premises have been allocated at the expense of budget funds, as well as five theatres and four museums while others were restored at the expense of AZN 67.5mln.

About AZN 863,4mln was allocated for infrastructural projects in 2007. Some AZN 328,1mln out of the fund was allocated for reconstruction of road-transport infrastructure, AZN 79.8mln - energy security for the country and provision of gas and electric energy and AZN 10mln - reconstruction of distribution of electric networks, AZN21mln - provision for gas for the Lerik, Yardimli and Agjabadi regions. About AZN 134,6mln was allocated to reclamation work, construction and repair of water and reclamation housing, sewerage and waters systems in 2007.