Azerbaijan, Baku, Feb. 19 / Trend, E. Ismayilov /
Nearly 1.16 billion Manat was allocated from the State Oil Fund of Azerbaijan (SOFAZ)
for the improvement of social and living conditions of refugees and internally displaced persons over the period from 2001 through 2012, according to a statement posted on the official website of SOFAZ.
According to the report, 300 million Manat was allocated from the fund for these purposes in 2012.
In particular, over the period from 2001 to 2012, 61 settlements, 38 buildings, 20,778 houses/apartments (including the completion of 320 houses and construction of 100 houses in Nakhchivan Autonomous Republic), 53 schools, 41 kindergartens, 47 office buildings and 34 telecommunication nodes were constructed. Also, 211 boreholes were drilled, 137 reservoirs created, 548 large and small high-voltage transformers installed, 24 power stations were constructed, 63,004 kilometers of roads, 627,889 kilometers of water pipes, 1,181,324 km of transmission lines, 201,986 kilometers of gas lines, 34,577 miles of sewer lines were laid. An irrigation system on a plot of 10,453 hectares was created. In addition, other social facilities were built as well.
SOFAZ was established in 1999 with assets amounting 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 finances and the placement of the fund's assets abroad to minimize the impact of negative trends on the economy by preventing 'Dutch Disease' and to ensure savings for future generations and to maintain the current socio-economic standard in the country.
The official exchange rate for Feb. 19 is 0.7847 AZN / USD.