SOFAZ allocates about $ 1.4 billion to major irrigation project
Baku, Azerbaijan, May 6
By Emil Ismayilov - Trend:
About 1.08 billion manat have been allocated from the State Oil Fund of Azerbaijan for the reconstruction of the Samur-Absheron irrigation system project as of April 1, 2014.
"In particular, 519.2 million manat have been allocated for construction of the Takhtakorpu reservoir and its accompanying hydropower plant. Some 392.6 million manat and 128.9 million manat have been allocated to Takhtakorpu-Jeyranbatan and Velvelichay-Takhtakorpu canals` construction respectively," the SOFAZ`s report said.
The rest of the funds were allocated for the maintenance of the project team - 3.1 million manat, and preparation of technical and tender documents, as well as other expenses - 31.2 million manat. SOFAZ has allocated 5.6 million mantas on the project in the first quarter of the year.
SOFAZ was established in 1999 with assets of $271 million. As of January 1, 2014, SOFAZ's assets had reached more than $35.877 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 May 6 is 0.7843 AZN / USD.
Translated by S.I.
Edited by C.N.