Azerbaijani State Oil Fund allocated $112 million for youth education abroad in 2013
Baku, Azerbaijan, Jan. 31
By Emil Ismayilov - Trend:
As of January 1, 2014, around 87.8 million manat has been allocated by the State Oil Fund of Azerbaijan (SOFAZ) since 2008 as part of the State Programme for the Education of Azerbaijani Youth Abroad for 2007-2015, SOFAZ said on Thursday.
Around 54.6 percent of the total volume of funds allocated by SOFAZ for youth education in the indicated period from 2008 to late 2013, were spent on student accommodation in hostels and suchlike, 39.5 percent on tuition fee, 3.3 percent on travel expenses, 1.2 percent on health insurance, 1.1 percent on other expenses and 0.3 percent on visas and registration, according to the report.
In particular, over 33 million manat was allocated by SOFAZ in 2013 for the education of Azerbaijani youth abroad.
Over 15.1 million manat of the total volume of funds allocated in 2013 was spent on student accommodation, over 16.1 million manat on tuition fees, 950,560 manat on travel expenses, 398,500 manat on health insurance, 295,380 manat on visa and registration, 84,430 manat on other expenses.
The State Oil Fund was established in 1999 and its assets at that time amounted to $271 million.
The main goals of the State Oil Fund include accumulation of resources and placement of the Fund's assets abroad in order to minimise the negative affect on economy, the prevention of 'Dutch disease' to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
As of January 1, 2014, SOFAZ assets increased by 5.1 percent compared to $34.129.4 billion in early 2013 amounting to $35.877.5 billion.
The official exchange rate is 0.7842 AZN/USD on Jan. 31.
Translated by NH
Edited by SM