SOFAZ allocates nearly $ 70 million for youth education abroad
Azerbaijan, Baku, Feb. 18 / Trend E.Ismayilov /
As of January 1, 2013, the State Oil Fund of Azerbaijan (SOFAZ) has allocated nearly 54.8 million manat within the state program on Azerbaijani youth education abroad in 2007-2015, SOFAZ report said today.
According to the report, 59.8 percent of the total amount of funds allocated by SOFAZ for youth education abroad was spent to provide students with accommodation (hostel, etc.), 33.8 percent - tuition, 3.6 per cent - travel expenses, 1.3 per cent - health insurance, 1.3 per cent other costs and 0.3 per cent - visa and registration.
In particular, nearly 20 million manat was allocated for young people's education abroad in 2012, the report said.
More than 11.9 million manat of the total amount of the allocated funds was spent on accommodation for students, more than 6.62 million manat - tuition, 812,530 manat - for travel expenses, 286,320 manat - health insurance, visa and registration - 67,010 manat and other expenses - 312,320 manat, the report said.
SOFAZ was established in 1999 when its assets amounted to $271 million. As of Jan. 1, 2013, SOFAZ's assets hit $34.129 billion.
The main purposes of the fund are: the accumulation of funds and placement of the fund's assets abroad to minimise the negative impact on the economy, preventing a 'Dutch Syndrome' to ensure savings for future generations and to maintain the current socio-economic standard sin the country.
The official exchange rate for Feb. 18 is 0.7847 AZN / USD.