Azerbaijan, Baku, April 24 / Trend, E. Ismayilov /
As of April 1, 2013, some 922.7 million manat were allocated from the State Oil Fund of Azerbaijan (SOFAZ) to the Samur-Absheron irrigation system reconstruction project, SOFAZ said today.
According to the report, 27 million manat were allocated for this project from SOFAZ in the first quarter.
SOFAZ was established in 1999 when its assets amounted to $271 million.
SOFAZ assets as of January 1 2013 increased by 14.5 percent and comprised over $34.129 billion ($29.8 billion in 2012) compared to early 2012. The assets of SOFAZ as of April 1, 2013, increased by 0.6 percent and stood at $34.325 billion compared to early 2013.
The main purposes of the fund are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy preventing 'Dutch disease', to ensure savings for future generations and to maintain the current socio-economic standards of the country.
The official exchange rate for April 24 is 0.7845 AZN / USD.