SOFAZ allots over $ 1.1 billion for the reconstruction of the Samur-Absheron irrigation system
Azerbaijan, Baku, Feb. 18 / Trend, E. Ismayilov /
As of January 1, 2013, the State Oil Fund of Azerbaijan (SOFAZ) had allocated 895.5 million manat for reconstruction of the Samur-Absheron irrigation system, a statement posted on the official website of SOFAZ said.
"In particular, 397.3 million Manat had been allocated for the construction of the Takhtakorpu reservoir for hydropower. In turn, 342.6 and 124.2 million Manat were allocated for the construction of the Takhtakorpu-Jeyranbatan and Velvelechay Takhtakorpu canals respectively," the fund reported.
The rest of the money was allocated for maintenance: 2.4 million Manat for the transfer of oil and gas pipelines- 20 million Manat for the preparation of tender documents for the project's budget and construction, 1.8 million Manat for the construction of a village of 70 houses for refugees, 1.5 million Manat for land acquisition and the payment of damages, 5.2 million Manat for the construction of access roads.
SOFAZ was established in 1999 with assets of $271 million. As of Jan. 1, 2013, SOFAZ's assets had reached $34.129 billion.
The main purposes of the fund are the accumulation of finances and the placement of the fund's assets abroad to minimize the impact of negative economic trends, the prevention of 'Dutch Disease, the assurance of savings for future generations and maintenance of the current socio-economic standards in the country.
The official exchange rate for Feb. 18 is 0.7847 AZN / USD.